DeFi
Top News, Bitcoin and Altcoin Volatility, Major Hacks, and DeFi Investments
It’s been a wild week for cryptocurrency!
Bitcoin’s price went on a rollercoaster ride, soaring between $65,000 and $70,000, all thanks to a surprising turn of events with the Consumer Price Index (CPI) news. Was this a bullish sign or a bearish blow? What other factors sent shockwaves through the market? This week’s report will crack the code on these burning questions and many more.
This is information you can’t afford to miss. Dive right in.
Top Trending Crypto News This Week
The burning question on everyone’s mind is: “Is the crypto market in a bull run?” In recent weeks, a series of significant developments have been seen, which have strengthened the market’s position considerably. This week also brought notable fluctuations, and we’ll explore those details in this section.
Terraform Labs and Do Kwon Settle SEC Lawsuit for $4.5 Billion
In a groundbreaking development, Terraform Labs and its former CEO, Do Kwon, finalized a $4.5 billion settlement with the SEC. This agreement, enforced by a U.S. District Court, bars them permanently from the crypto sector following Terra’s $40 billion collapse.
Donald Trump Advocates for U.S. Bitcoin Mining Dominance
President Donald Trump has advocated for all future Bitcoin mining to occur within the U.S., following a meeting with Riot Platforms’ CEO Jason Les and head of public policy, Brian Morgenstern. He expressed his support for domestic mining firms on Truth Social, highlighting the strategic importance of keeping Bitcoin operations stateside.
OKX Reports Identity Theft Incidents
OKX revealed in a statement that a hacker exploited forged “judicial documents” to access the personal information of a few users, with the matter now under investigation by judicial authorities. The breach, revealed by two compromised user accounts on social media, involved the creation of new API keys following unusual risk notification SMS texts from Hong Kong.
CPI Report Sparks Market Volatility
The U.S. Consumer Price Index (CPI) remained unchanged in May, outperforming forecasts of a 0.1% increase and showing a year-over-year rise of 3.3%, slightly below the anticipated 3.4%. This news triggered a brief surge in the market; however, it later triggered significant long-liquidation.
MicroStrategy Increases Bitcoin Holdings
MicroStrategy, led by Michael Saylor, has increased its convertible senior notes offering from $500 million to $700 million, according to a recent announcement. This upsized offering will fund further Bitcoin acquisitions and general corporate affairs.
Bitcoin and Altcoin Performance Highlights
This week, Bitcoin experienced increased volatility due to two key macroeconomic factors. The Federal Reserve’s announcement after its interest rate decision and the release of the Consumer Price Index (CPI) data both led to significant fluctuations in Bitcoin’s price, pushing it close to the critical $70,000 mark. However, the price later fell.
Over the last seven days, investors continued to accumulate BTC near the dip. Japanese company Metaplanet capitalized on the bearish price movement of Bitcoin to enhance its treasury. On June 11, the firm announced that it had acquired an additional 23.25 Bitcoin, increasing its total holdings to 141.07 Bitcoin. These were purchased at an average price of $65,365.
The altcoin market also witnessed a surge in activity due to Bitcoin’s massive volatility. Purchases were not limited to Bitcoin, as Ether also saw significant buying activity among long-term holders. Julio Moreno, the head of research at CryptoQuant, reported on X that accumulation addresses acquired 298,000 Ether within 24 hours on June 12. This figure was just slightly below the record purchase of 317,000 Ether on September 11, 2023.
This week, the price of BTC reached a peak of $70,035 and dipped to a low of $65,103, ultimately reflecting a 5% decrease overall.
Crypto Dominance Shifts and Market Insights
This week witnessed dynamic movements in the crypto market, with Bitcoin asserting its dominance amidst fluctuating trends. Here’s a breakdown of the key developments:
Bitcoin Dominance Grows, Altcoins Retreat
Bitcoin’s market cap dominance rose by 0.83% this week, now standing at 55.3%. Conversely, altcoins (excluding the top 10) saw their dominance decline sharply by nearly 4% to 10.57%, reflecting a shift in investor sentiment towards BTC.
On-Chain Metrics Signal Opportunities
Cumulative Value Coin Days Destroyed (CVDD): Insights from CVDD suggest that Bitcoin may not have peaked yet, hinting at potential upward movements ahead. This analysis positions BTC favorably as a buying opportunity in the current market.
Decline in Profitable Addresses: The recent bearish volatility led to a significant drop in profitable addresses, falling from 98.82% to 91.85%. This decline has triggered increased liquidation in the Bitcoin market.
Bitcoin Price Rainbow Chart Analysis
Despite recent volatility, the Bitcoin Price Rainbow Chart indicates favorable buying opportunities during price dips. This analysis suggests a strategic entry point for investors anticipating future price increases.
Drop In Whale Interest: The whale interest for BTC price witnessed a drop this week.
Data from IntoTheBlock suggests that large transaction volume faced a drop from the peak of $54.84 billion to a low of $47 billion.
Bitcoin ETF Data Insights
Bitcoin has remained relatively stable in its price movements over the past few months, even though there has been a record $12 billion in net inflows into spot Bitcoin ETFs. This unexpected stability has caused concern among investors, especially since many analysts had forecasted a very bullish trend for Bitcoin following the launch of these ETFs.
According to Farside data, on June 10, Bitcoin (BTC) ETFs saw their first outflows since May 10, totaling $64.9 million and ending a 19-day streak of inflows. The outflows were led by Grayscale’s GBTC with $39.5 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) at $20.5 million, Valkyrie’s Bitcoin Strategy ETF (BRRR) at $15.8 million, and Fidelity’s Bitcoin ETF (FBTC) with $3 million. Despite this, the net inflows for these ETFs generally remain positive.
| Ticker | ETF Name | Price | Price Change | Volume |
| IBIT | iShares Bitcoin Trust | $37.3 | -0.6 (-1.58%) | $838.92M |
| GBTC | Grayscale Bitcoin Trust (BTC) | $58.18 | -0.96 (-1.62%) | $295.92M |
| FBTC | Fidelity Wise Origin Bitcoin Fund | $57.25 | -0.88 (-1.51%) | $398.52M |
| ARKB | ARK 21Shares Bitcoin ETF | $65.42 | -1.09 (-1.64%) | $133.01M |
| BITB | Bitwise Bitcoin ETF | $35.69 | -0.58 (-1.60%) | $56.32M |
Bitcoin ETFs experienced over $226 million in net outflows on Thursday, marking the third day of withdrawals this week, a pattern similar to late April. Preliminary data from SoSoValue indicates that Fidelity’s FBTC led with $106 million withdrawn, followed by Grayscale’s GBTC with $62 million, and Ark Invest’s ARKB with $53 million in outflows. BlackRock’s IBIT was the exception, gaining $18 million. Valkyrie, Franklin Templeton, Hashdex, and WisdomTree’s ETFs saw no changes in flow. Wednesday was the week’s only day of net inflows, adding $100 million.
Bitcoin’s Technical Analysis
Bitcoin price opened this week at $69,075; however, it failed to maintain this trading range by the end of this week. On 11 June, BTC’s price dropped toward a low of $66K; however, it later surged ahead of the CPI report and FOMC meeting. As CPI came in softer than expected, Bitcoin and other assets witnessed a steep decline, with the price testing buyers’ patience around $65K. As of writing, BTC price trades at $66,230, declining over 0.6% in the last 24 hours.
The 20-day exponential moving average (EMA) has begun to decline, currently sitting at $67,025, and the relative strength index (RSI) has moved below the midline, suggesting that bears currently have an advantage. A drop below the $65K level might send the BTC price to test $60.1K.
For the bulls, time is critical. They need to push and sustain the price above the 20-day EMA to avert further declines. If successful, the pair could ascend towards $70,000 and possibly extend gains up to $72,000.
Top Cryptocurrency Weekly Analysis
Setting Bitcoin aside, we will now dive into other areas of the cryptocurrency market that have seen significant activity this week. This will cover detailed analyses of meme coins, AI tokens, and stablecoins, as well as a review of the week’s top gainers and losers and key blockchain activities.
Top Gainers/Losers This Week
This week in the cryptocurrency market, several tokens stood out with notable gains. Non-Playable Coin (NPC) led the pack with a remarkable 54.1% increase in its price, followed by Beldex (BDX) and Metaplex (MPLX), which rose by 30.7% and 27.3% respectively. Rocket Pool (RPL) also saw significant growth at 14.5%, showcasing its strong market presence. Rollbit Coin (RLB), while having the smallest gain among the top performers, still managed a respectable 9.2% rise.
| Name | Price | Volume | 7d Change |
| Non-Playable Coin (NPC) | $0.02583 | $3,835,941 | 54.10% |
| Beldex (BDX) | $0.04459 | $1,199,460 | 30.70% |
| Metaplex (MPLX) | $0.3534 | $3,058,845 | 27.30% |
| Rocket Pool (RPL) | $23.79 | $143,927,905 | 14.50% |
| Rollbit Coin (RLB) | $0.07031 | $3,731,547 | 9.20% |
Beercoin (BEER) led the losses with a drastic 47.7% drop, followed closely by Wormhole (W) which decreased by 35.7%. Curve DAO (CRV) also faced a tough week, declining by 32.2%. Echelon Prime (PRIME) and SATS (Ordinals) (SATS) were not far behind, recording losses of 31.7% and 30.1% respectively.
| Name | Price | Volume | 7d Change |
| Beercoin (BEER) | $0.00002305 | $124,931,341 | -47.70% |
| Wormhole (W) | $0.4582 | $93,683,362 | -35.70% |
| Curve DAO (CRV) | $0.2821 | $248,640,668 | -32.20% |
| Echelon Prime (PRIME) | $10.42 | $22,090,479 | -31.70% |
| SATS (Ordinals) (SATS) | $0.06123 | $29,303,237 | -30.10% |
Top Memecoins Analysis Of This Week
This week in the cryptocurrency market, notable meme coins by market cap have shown varied price movements. Dogecoin (DOGE) experienced an 8.06% decline, while Shiba Inu (SHIB) saw a more substantial drop of 13.88%. Pepe (PEPE) also faced a decrease of 7.98%. Dogwifhat (WIF) recorded a 14.27% decline, marking significant volatility. The most dramatic fall was seen in FLOKI, which plummeted by 28.29%. Despite these declines, there were minor positive changes in the hourly changes, suggesting some level of trading cooldown among meme coin enthusiasts.
| Name | Price | 1h % | 24h % | 7d % | Market Cap |
| Dogecoin (DOGE) | $0.1362 | 0.59% | -4.36% | -8.06% | $19,706,421,135 |
| Shiba Inu (SHIB) | $0.00002068 | 0.60% | -3.75% | -13.88% | $12,185,736,385 |
| Pepe (PEPE) | $0.00001195 | 2.02% | -0.95% | -7.98% | $5,025,420,824 |
| dogwifhat (WIF) | $2.43 | 0.31% | -0.41% | -14.27% | $2,422,507,273 |
| FLOKI (FLOKI) | $0.00002057 | 0.92% | -2.97% | -28.29% | $1,966,723,403 |
Top AI Coins Analysis Of This Week
This week, top AI-related cryptocurrencies exhibited notable declines. NEAR Protocol saw the largest drop at 18.00%, while Bittensor decreased by 23.33%. Injective and Render also faced significant downturns.
| Name | Price | 1h % | 24h % | 7d % | Market Cap |
| NEAR Protocol (NEAR) | $5.60 | -0.10% | -5.22% | -18.00% | $6,100,048,038 |
| Render (RNDR) | $8.05 | 0.98% | -3.48% | -15.45% | $3,127,342,483 |
| Injective (INJ) | $25.91 | 0.28% | -11.13% | -12.84% | $2,420,108,447 |
| The Graph (GRT) | $0.2387 | 0.35% | -3.57% | -11.76% | $2,269,864,276 |
| Bittensor (TAO) | $298.23 | -0.71% | -6.58% | -23.33% | $2,068,294,698 |
Top Metaverse Tokens Analysis Of This Week
This week’s top metaverse tokens by market cap experienced significant fluctuations. Immutable (IMX) faced the sharpest weekly decline of 16.57%, while Gala (GALA) also dropped considerably by 17.22%. FLOKI saw the most severe downturn at 29.09%. In contrast, Notcoin (NOT) displayed stability with a modest weekly gain of 0.83%. Axie Infinity (AXS) declined by 14.18%.
| Name | Price | 1h % | 24h % | 7d % | Market Cap |
| Immutable (IMX) | $1.73 | 0.26% | -3.70% | -16.57% | $2,609,235,531 |
| Notcoin (NOT) | $0.01946 | -0.34% | 7.68% | 0.83% | $1,998,143,481 |
| FLOKI (FLOKI) | $0.000204 | -1.00% | -3.74% | -29.09% | $1,950,648,966 |
| Gala (GALA) | $0.03305 | -0.36% | -4.16% | -17.22% | $1,047,225,530 |
| Axie Infinity (AXS) | $6.75 | 0.48% | -3.53% | -14.18% | $984,049,540 |
Top Stablecoins Analysis
This week in the stablecoin sector, Tether (USDT) continues to lead with a market cap of over $112 billion, despite slight fluctuations in trading volume. USDC and Dai showed modest changes, with market caps of approximately $32 billion and $5 billion, respectively. Notably, Ethana USDe reported a significant 51.6% increase in its market cap, highlighting growing investor interest. Conversely, First Digital USD experienced a sharp 33% decrease.
| Coin | Price | 24h Volume | Exchanges | Market Cap | 30d Change |
| Tether (USDT) | $0.9988 | $45,015,746,781 | 352 | $112,403,514,928 | 1.30% |
| USDC (USDC) | $0.9998 | $6,128,906,377 | 368 | $32,355,569,902 | -2.60% |
| Dai (DAI) | $0.999 | $405,706,788 | 272 | $5,221,305,817 | -4.60% |
| Ethana USDe (USDE) | $1.00 | $119,982,239 | 9 | $3,516,028,181 | 51.60% |
| First Digital USD (FDUSD) | $0.9982 | $5,914,936,729 | 23 | $2,541,603,279 | -33.00% |
Read More About This: Stablecoin Performance and Analysis May Update: An In-depth Monthly Report
Top Blockchains Weekly Analysis
In this segment, we’ll dive into the major activities across top blockchains, examining their market dominance and total value locked (TVL). We will separately analyze layer-1 and layer-2 blockchains to offer a detailed view of current market trends and sentiments.
Dominance of L1 Chains
This week’s overview of the top layer-1 blockchains shows Ethereum leading significantly in both market dominance at 81.65% and total value locked (TVL) at $61.775 billion. BNB Smart Chain and Solana follow, with market dominance of 6.81% and 5.66%, respectively, and TVLs over $5 billion each. Bitcoin, usually not categorized purely as a smart contract platform, shows a TVL of $1.102 billion with a 1.46% dominance. Avalanche also features, with a TVL of $786 million and a 1.04% market dominance.
| Chain | 24h Change | 7d Change | 30d Change | 24h Volume | TVL | Dominance |
| Ethereum | 0.10% | -4.50% | 14.90% | $1,704,146,226 | $61,775,390,527 | 81.65% |
| BNB Smart Chain | -0.40% | -8.70% | 16.10% | $466,225,871 | $5,154,620,039 | 6.81% |
| Solana | -0.90% | -7.10% | -2.30% | $1,258,114,417 | $4,280,422,686 | 5.66% |
| Bitcoin | -0.80% | -5.30% | -2.50% | – | $1,102,578,965 | 1.46% |
| Avalanche | -2.50% | -7.20% | 17.20% | $33,493,066 | $786,784,013 | 1.04% |
Dominance of L2 Chains
This week’s analysis of top layer-2 blockchains reveals varied performance. Arbitrum One leads in market dominance at 28.85% with a notable 12.1% increase over 30 days. Blast showed a significant 35.7% growth, the highest in the group. Base and Optimism recorded moderate long-term gains. Despite recent declines, Polygon POS maintains steady activity.
| Chain | 24h Change | 7d Change | 30d Change | 24h Volume | TVL | Dominance |
| Arbitrum One | -0.50% | -5.20% | 12.10% | $465,765,028 | $2,974,377,689 | 28.85% |
| Blast | 0.10% | -6.40% | 35.70% | $141,082,628 | $2,078,697,971 | 20.16% |
| Base | -0.50% | -3.20% | 7.50% | $648,067,948 | $1,640,311,770 | 15.91% |
| Polygon POS | -0.60% | -6.40% | 2.30% | $126,634,465 | $881,904,360 | 8.55% |
| Optimism | -0.60% | -8.70% | 7.90% | $102,280,789 | $730,896,188 | 7.09% |
Also Check Out: Blockchain Monthly Report For May 2024: All You To Need To Know To Stay Ahead
Top Crypto Exchanges Performance Analysis (7-day)
Top Centralized Exchanges
Binance, the largest exchange, boasts a normalized 24-hour volume of approximately $8.6 billion and an actual volume nearing $16.6 billion, attracting about 65.5 million visits monthly. Bybit and HTX follow, with notable volumes and lower visitor counts. Coinbase and Gate.io also show significant trading activity, with monthly visits of 40.9 million and 16.1 million, respectively.
| Exchange | 24h Volume (Normalized) | 24h Volume | Monthly Visits |
| Binance | $8,598,884,565 | $16,641,029,643 | 65.5 M |
| Bybit | $3,995,307,418 | $4,583,085,437 | 30.4 M |
| HTX | $2,586,813,439 | $2,586,813,439 | 19.8 M |
| Coinbase Exchange | $2,210,586,639 | $2,210,586,639 | 40.9 M |
| Gate.io | $2,113,400,227 | $2,812,015,036 | 16.1 M |
Top Decentralized Exchanges
Uniswap V3 on Ethereum leads with a 24-hour volume of approximately $1.04 billion, capturing 18.5% of the market share and attracting over 10 million monthly visits. Raydium and Orca follow, with respective market shares of 10.7% and 8.2%, indicating substantial trading activity. Uniswap V3 on Arbitrum One also shows notable engagement, mirroring the Ethereum platform’s visit count. Curve on Ethereum, though smaller in volume, maintains a consistent user base.
| Exchange | 24h Volume | % Market Share by Volume | Monthly Visits |
| Uniswap V3 (Ethereum) | $1,042,602,699 | 18.50% | 1,03,88,376 |
| Raydium | $602,205,436 | 10.70% | 34,21,258 |
| Orca | $463,585,969 | 8.20% | 4,80,015 |
| Uniswap V3 (Arbitrum One) | $307,392,576 | 5.50% | 1,03,88,376 |
| Curve (Ethereum) | $288,704,453 | 5.10% | 2,60,162 |
Top Derivatives
Binance Futures leads with $19.5 billion in open interest and $54.4 billion in daily trading volume. Bybit follows with $13.2 billion in open interest and $19.4 billion in volume. Bitget, Deepcoin, and CoinW also have significant activity, with billions in both open interest and trading volume.
| Exchange | 24h Open Interest | 24h Volume |
| Binance (Futures) | $19,548,348,236 | $54,498,982,029 |
| Bybit (Futures) | $13,177,264,279 | $19,411,986,707 |
| Deepcoin (Derivatives) | $10,535,384,835 | $7,710,801,075 |
| Bitget Futures | $10,269,511,123 | $15,522,748,862 |
| CoinW (Futures) | $6,781,434,672 | $23,015,968,916 |
Crypto Funding Analysis This Week
Crypto Fundraising Trend
The crypto fundraising trend over the past two weeks shows a significant variation in funds raised. From June 10 to June 15, 2024, $112.8 million was raised across 32 fundraising rounds. This contrasts with the previous week, June 3 to June 9, 2024, which saw $409.43 million raised in 29 rounds. While the number of rounds increased in the more recent week, the total funds raised were notably lower
| Week | Funds Raised | Number of Fundraising Rounds |
| June 10– June 15, 2024 | $112.8 Million | 32 |
| June 3-June 9, 2024 | $409.43 Million | 29 |
Active Investors This Week
The table highlights the activity of various investment funds in the crypto space. Electric Capital and Castrum Capital lead with four deals each. Several other funds, including Gains Associates, Kangaroo Capital, and Web3Port, followed with two deals each. Smaller funds like Animoca Brands and Paradigm participated in one deal each.
| Funds | Deals |
| Electric Capital | 4 |
| Castrum Capital | 4 |
| Gains Associates | 2 |
| Kangaroo Capital | 2 |
| Web3Port | 2 |
| Pantera Capital | 2 |
| Big Brain Holdings | 2 |
| CSP DAO | 2 |
| Mask Network | 2 |
| Animoca Brands | 1 |
| Delphi Ventures | 1 |
| Framework Ventures | 1 |
| Outlier Ventures | 1 |
| Paradigm | 1 |
Crypto Fundraising by Category
According to Cryptorank’s data, DeFi was the most invested category this week, with Electric Capital and Castrum Capital leading the way. Blockchain infrastructure and GameFi also attracted significant investments, reflecting a diverse interest in various sectors of the market.
Top Hacks This Week
The UwU Lend protocol was hacked for nearly $20 million on June 10. Another exploit resulted in $3.5 million being stolen from UwU during the reimbursement process. Additionally, the cryptocurrency exchange Lykke was breached on June 10, losing $22 million in digital assets.
Holograph’s native token fell 79.4% after a hacker exploited its operator contract, minting 1 billion HLG tokens worth $14.4 million. Holograph confirmed the hack on June 14 and is working to freeze the hacker’s accounts.
| Hack | Total Amount Stolen | Date |
| UwU Lend protocol (first hack) | $20 million | Jun-10 |
| UwU Lend protocol (second hack) | $3.5 million | June 13 |
| Lykke cryptocurrency exchange | $22 million | Jun-10 |
| Holograph (HLG token exploit) | $14.4 million | Jun-14 |
As a result, nearly $60 million was stolen this week from four different hacks.
Conclusion
Phew! That was a whirlwind week in the crypto market. We unpacked major news like the SEC settlement with Terraform Labs, Donald Trump’s stance on Bitcoin mining, and of course, the wild price swings of Bitcoin. While hacks like the ones on UwU Lend, Lykke exchange, and Holograph cast a shadow, the continued investment in DeFi, blockchain infrastructure, and GameFi hints at exciting things to come.
Stay tuned as we follow these developments closely and keep you informed!
The memecoin launchpad saw the largest daily revenue in all of DeFi over the past 24 hours.
Memecoin launchpad Pump.Fun has recorded the highest gross revenue in all of decentralized finance (DeFi) in the last 24 hours, surpassing even Ethereum.
The platform has raised $867,429 in the past 24 hours, compared to $844,276 for Ethereum, according to DeFiLlama. Solana-based Telegram trading bot Trojan was the third-highest revenue generator of the day, as memecoin infrastructure continues to dominate in DeFi.
Pump.Fun generates $315 million in annualized revenue according to DeFiLlama, and has averaged $906,160 per day over the past week.
Income Ranking – Source: DeFiLlama
The memecoin frenzy of the past few months is behind Pump.fun’s dominance. Solana-based memecoins have been the main drug of choice for on-chain degenerates.
The app allows non-technical users to launch their own tokens in minutes. Users can spend as little as $2 to launch their token and are not required to provide liquidity up front. Pump.Fun allows new tokens to trade along a bonding curve until they reach a set market cap of around $75,000, after which the bonding curve will then be burned on Raydium to create a safe liquidity pool.
Pump.Fun generates revenue through accrued fees. The platform charges a 1% fee on transactions that take place on the platform. Once a token is bonded and burned on Raydium, Pump.fun is no longer able to charge the 1% fee.
Ethereum is the blockchain of the second-largest cryptocurrency, Ether, with a market cap of $395 billion. It powers hundreds of applications and thousands of digital assets, and backs over $60 billion in value in smart contracts.
Ethereum generates revenue when users pay fees, called gas and denominated in ETH, to execute transactions and smart contracts.
DeFi Technologies, a Canadian company financial technology companyis set to enhance its trading infrastructure through a new partnership with Zero Computing, according to a July 30 statement shared with CryptoSlate.
The collaboration aims to integrate zero-knowledge proof tools to boost operations on the Solana And Ethereum blockchains by optimizing its ability to identify and execute arbitrage opportunities.
Additionally, it will improve the performance of its DeFi Alpha trading desk by enhancing its use of ZK-enabled maximum extractable value (MEV Strategies).
Zero knowledge Proof of concept (ZKP) technology provides an additional layer of encryption to ensure transaction confidentiality and has recently been widely adopted in cryptographic applications.
Optimization of trading strategies
DeFi Technologies plans to use these tools to refine DeFi Alpha’s ability to spot low-risk arbitrage opportunities. The trading desk has already generated nearly $100 million in revenue this year, and this new partnership is expected to further enhance its algorithmic strategies and market analysis capabilities.
Zero Computing technology will integrate ZKP’s advanced features into DeFi Alpha’s infrastructure. This upgrade will streamline trading processes, improve transaction privacy, and increase operational efficiency.
According to DeFi Technologies, these improvements will increase the security and sophistication of DeFi Alpha’s trading strategies.
The collaboration will also advance commercial approaches for ZK-enabled MEVs, a new concept in Motor vehicles which focuses on maximizing value through transaction fees and arbitrage opportunities within block production.
Additionally, DeFi Technologies plans to leverage Zero Computing technology to develop new financial products, such as zero-knowledge index exchange-traded products (ETPs).
Olivier Roussy Newton, CEO of DeFi Technologies, said:
“By integrating their cutting-edge zero-knowledge technology, we not only improve the efficiency and privacy of our transactions, but we also pave the way for innovative trading strategies.”
Extending Verifiable Computing to Solana
According to the release, Zero Computing has created a versatile, chain-agnostic platform for generating zero-knowledge proofs. The platform currently supports Ethereum and Solana, and the company plans to expand compatibility with other blockchains in the future.
The company added that it is at the forefront of introducing verifiable computation to the Solana blockchain, enabling complex computations to be executed off-chain with on-chain verification. This development represents a significant step in the expansion of ZKPs across various blockchain ecosystems.
Mentioned in this article
Latest Alpha Market Report
Singapore, Asia, July 29, 2024, Chainwire
- Elastos BeL2 to Partner with StarkWare to Integrate Starknet’s ZKPs and Cairo Programming Language with BeL2 for Native DeFi Applications
- Starknet integration allows BeL2 to provide smart contracts and dapps without moving Bitcoin assets off the mainnet
- Starknet Exchange Validates the Strength of BeL2’s Innovation and Leadership in the Native Bitcoin Ecosystem
Elastos BeL2 (Bitcoin Elastos Layer2) has secured a $25,000 grant from Starknet, a technology leader in the field of zero-knowledge proofs (ZKPs). This significant approval highlights the Elastos BeL2 infrastructure and its critical role in advancing Bitcoin-native DeFi, particularly Bitcoin-native lending. By integrating Starknet’s ZKPs and the Cairo programming language, Elastos’ BeL2 will enhance its ability to deliver smart contracts and decentralized applications (dapps) without moving Bitcoin (BTC) assets off the mainnet. This strategic partnership with Starknet demonstrates the growing acceptance and maturity of the BeL2 infrastructure, reinforcing Elastos’ commitment to market leadership in the evolving Bitcoin DeFi market.
Starknet, developed by StarkWare, is known for its advancements in ZKP technology, which improves the privacy and security of blockchain transactions. ZKPs allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This technology is fundamental to the evolution of blockchain networks, which will improve BeL2’s ability to integrate complex smart contracts while preserving the integrity and security of Bitcoin.
“We are thrilled to receive this grant from Starknet and announce our partnership to build tighter integrations with its ZKP technology and the Cairo programming language,” said Sasha Mitchell, Head of Bitcoin Layer 2 at Elastos. “This is a major milestone for BeL2 and a true recognition of the maturity and capabilities of our core technology. This support will allow us to further develop our innovation in native Bitcoin lending as we look to capitalize on the growing acceptance of Bitcoin as a viable alternative financial system.”
A closer integration with Cairo will allow BeL2 to leverage this powerful programming language to enhance Bitcoin’s capabilities and deliver secure, efficient, and scalable decentralized finance (DeFi) applications. Specifically, the relationship with Cairo reinforces BeL2’s core technical innovations, including:
- ZKPs ensure secure and private verification of transactions
- Decentralized Arbitrage Using Collateralized Nodes to Supervise and Enforce Fairness in Native Bitcoin DeFi
- BTC Oracle (NYSE:) facilitates cross-chain interactions where information, not assets, is exchanged while Bitcoin remains on the main infrastructure
BeL2’s vision goes beyond technical innovation and aims to innovate by creating a new financial system. The goal is to build a Bitcoin-backed Bretton Woods system, address global debt crises, and strengthen Bitcoin’s role as a global hard currency. This new system will be anchored in the integrity and security of Bitcoin, providing a stable foundation for decentralized financial applications.
As integration with Starknet and the Cairo programming language continues, BeL2 will deliver further advancements in smart contract capabilities, decentralized arbitration, and innovative financial products. At Token 2049, BeL2 will showcase further innovations in its core technologies, including arbitrators, that will underscore Elastos’ vision for a fairer decentralized financial system rooted in Bitcoin.
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a suite of redesigned platform components to produce a modern Internet infrastructure that provides intrinsic privacy and ownership protection for digital assets. The mission is to create open source services that are accessible to the world, so developers can create an Internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet operates to better control their own data.
https://www.linkedin.com/company/elastosinfo/
ContactPublic Relations ManagerRoger DarashahElastosroger.darashah@elastoselavation.org
DeFi
Compound Agrees to Distribute 30% of Reserves to COMP Shareholders to End Alleged Attack on Its Governance
Compound will introduce the staking program in exchange for Humpy, a notorious whale accused of launching a governance attack on the protocol, negating a recently adopted governance proposal.
Compound is launching a new staking program for COMP holders as a compromise with Humpy, a notorious DeFi whale accused of launching a governance attack against the veteran DeFi protocol.
On July 29, Bryan Colligan, head of business development at Compound, published a governance proposal outlining plans for a new compound participation product that would pay 30% of the project’s current and future reserves to COMP participants.
Colligan noted that the program was requested by Humpy in exchange for his agreement Proposition 289 — which sought to invest 499,000 COMP worth approximately $24 million into a DeFi vault controlled by Humpy, and which appears to have been forced by Humpy and his associates over the weekend.
“We propose the following staking product that meets Humpy’s stated interests as a recent new delegate and holder of COMP in exchange for the repeal of Proposition 289 due to the governance risks it poses to the protocol,” Colligan said. “The Compound Growth Program…will execute the above commitments, given the immediate repeal of Proposition 289.”
Colligan added that the proposal would expire at 11:59 p.m. EST on July 29. Had Humpy not rescinded Proposition 289, Compound would move forward with it. Proposition 290 — block Humpy using the Compound team’s multi-sig to deploy a new governor contract removing the delegate’s governance power behind Proposition 289.
Hunchback tweeted that Proposition 289 had been repealed a few hours ago. “Glad to have brought Compound Finance back into the spotlight,” they said. added. “StakedComp… finally becomes a yield-generating asset!
Markets reacted favorably to the resolution, with the price of COMP increasing by 6.2% over the past 24 hours, according to CoinGecko.
Attack on governance
Proposition 289 proposed investing 499,000 COMP from the Compound treasury into goldCOMP, a yield-generating vault of the Humpy-linked Golden Boys team.
The proposal passed with nearly 52 percent of the vote on July 28, despite two previous iterations of the proposal being defeated by strong opposition. Can And JulyThe proposals notably asked for only 92,000 COMP, with security researchers warning that any deposit of tokens into the goldCOMP vault would cede their governance power.
In May, Michael Lewellen of Web3 security firm OpenZeppelin, note The first proposal was submitted by a new governance delegate who was suddenly awarded 228,000 COMP by five wallets that got their tokens from the Bybit exchange. Combined with his own tokens, the delegate got 325,333 COMP, which is over 81% of the 400,000 tokens required for a governance proposal to reach quorum.
“We have been alerting the community to the risk that these delegates could support a potential attack on governance,” Lewellen said. “The timing of the new proposal and these recent delegations are suspect.”
Read more: Compound community accuses famous whale of attacking engineering governance
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