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Chainlink Oracles Integrate with GMX DEX

by Blockchain NewsApril 25, 2023

Following the approval of a governance proposal, Chainlink’s decentralized oracles are going to begin integrating with GMX’s decentralized exchange (DEX). Over 96% of the GMX tokenholders who participated in the voting approved of the idea to give GMX v2 with greater “granular” real-time market data.

The functioning of perpetual DEXs and price-sensitive trading on GMX has been improved thanks to the introduction of new Chainlink oracles. These oracles were developed with the assistance of key contributors to GMX, who also helped build them. According to Johann Eid, who is in charge of integration at Chainlink Labs, the low-latency oracles will increase security, further decentralize the protocol, and improve the user experience.

These new oracles make use of the identical oracle node operators and data aggregation algorithms as are used in the already operational Chainlink reference feeds; the only difference is that the data is extracted at a greater frequency. It is anticipated that the low-latency oracles would provide a high degree of tamper-resistance while settling user transactions, hence increasing the level of security provided by the network.

It is anticipated that the incorporation of the Chainlink oracles would lessen the likelihood of GMX derivative traders being exposed to outdated price execution and value extraction. On the Arbitrum testnet, a beta version of the GMX-tailored, low-latency oracle feeds is currently accessible to users.

Chainlink will receive 1.2% of the protocol fees produced by the low-latency oracles that are part of the GMX protocol as payment for the service. In addition to the regular borrow costs and swap fees, the fees associated with margin trading are included in the protocol fees that customers must pay.

Eid indicated that Chainlink will continue to improve the quality of its oracle services to GMX in light of the protocol’s ongoing development and expansion. Although GMX is not the first perpetual DEX to come on board with the new kind of oracle, it is anticipated that the integration would deliver a more granular degree of real-time market data to GMX v2, hence boosting both the functioning of the platform and the quality of the user experience.

In conclusion, the integration of Chainlink’s low-latency oracles with GMX’s DEX is anticipated to improve the platform’s level of functionality and security, which will be to the advantage of the platform’s users and will contribute to the expansion of the DeFi ecosystem.

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Aave to Launch on zkSync with Overwhelming Support from Community

by Blockchain NewsApril 17, 2023

The Aave community has spoken, and the results are in. A proposal to launch the decentralized exchange (DEX) Aave on the zkSync Era Mainnet has received overwhelming support, with over 99% of AAVE tokenholders casting ballots voting in favor of the move.

The proposal, which was first pitched on March 26, outlined plans to launch the third version of the lending and borrowing protocol on the zero-knowledge Ethereum Virtual Machine (zkEVM). The launch will initially be limited to USD Coin (USDC) and Ether (ETH).

The proposal’s success in the “temperature check” stage means that the next steps listed in the proposal will be pursued. This will involve further discussion, followed by risk parameter evaluation and the finalization of the proposal. If successful, the proposal will then be submitted for on-chain governance approval.

While only around 0.02% voted against the proposal, and a further 0.02% abstained from voting, the overwhelming support from the Aave community is a significant milestone for the project. Deploying on zkSync has the potential to introduce new users to decentralized finance, as well as cementing Aave’s position as a premier borrowing platform within the zero-knowledge ecosystem.

The Aave community previously voted to deploy the Aave V3 codebase on zkSync’s v2 Testnet, which was approved in another off-chain vote. With this latest vote, Aave is another step closer to deploying on the zkSync Era Mainnet.

Aave is not the only decentralized exchange looking to leverage the benefits of zkSync. Uniswap is also set to launch on the scaling solution from Polygon after a successful governance proposal was passed.

Aave’s journey to this point has not been without its challenges. In November 2022, the platform changed its governance procedures after it was hit by a $60 million short attack that ultimately failed. However, the project has emerged from this setback with renewed vigor and determination, as evidenced by the overwhelming support for its latest proposal.

Overall, the launch of Aave on zkSync has the potential to be a game-changer for the decentralized finance space, and it will be interesting to see how the project progresses in the coming months.

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Tagged : #AAVE / Borrowing / DEX / Lending / News / Zksync

Symbiosis Integrates zkSync to Enhance Token Swaps

by Blockchain NewsApril 10, 2023

Symbiosis, a cross-chain automated market maker, has recently integrated zkSync, a layer-2 scaling protocol, to enhance the speed and reduce the fees of token swaps on its platform. The integration allows users to make any-to-any native asset swaps across Ethereum Virtual Machine (EVM) and non-EVM networks without having to switch between different wallets and interfaces.

The decentralized exchange (DEX) was launched in March 2022 and has already processed over $100 million in total transaction volume in stablecoins. It offers single-sided stablecoin pools that provide zero impermanent loss to liquid providers and facilitates “any-to-any” native asset swaps on its platform.

The integration of zkSync aims to make liquidity transition to and from zkSync “secure, fast and cheap.” It also expands the variety of token swaps through the DEX, supporting any-to-any native swaps to and from zkSync. This additional functionality enhances the user experience of value-added services built on top of Symbiosis.

According to Simeon Avramov, co-founder of Symbiosis, layer-2 scaling protocols like Optimistic and ZK-rollups are crucial for various decentralized finance (DeFi) platforms and services. They are lowering the entry barriers in terms of the price per swap and user experience of value-added services built on top. Avramov believes that zero-knowledge rollups could outcompete Optimistic Rollup solutions like Arbitrum and Optimism.

Avramov also emphasizes the importance of cross-chain players and interoperability layers to support zero-knowledge solutions as soon as possible. “ZK represents an inevitable and natural evolution among scaling solutions,” he said.

The integration of zkSync is a significant development for Symbiosis, as it will enhance the speed and reduce the fees of token swaps on its platform. This will attract more users and provide a better user experience. Symbiosis serves over 12,000 unique wallet addresses and has an average of 3,000 daily transactions.

Moreover, the scaling technology is not limited to Ethereum or other smart contract blockchains. The Swiss-based nonprofit ZeroSync Association is currently developing zero-knowledge proof tools that will allow Bitcoin (BTC) users to expedite the process of verifying individual blocks and, eventually, the entire blockchain.

In conclusion, the integration of zkSync is a significant milestone for Symbiosis, as it enhances the speed and reduces the fees of token swaps on its platform. It also expands the variety of token swaps and improves the user experience. The use of zero-knowledge proof technology in scaling solutions is an inevitable and natural evolution, and it is crucial for cross-chain players and interoperability layers to support zero-knowledge solutions as soon as possible.

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Tagged : DEX / LAYER-2 SCALING PROTOCOL / News / SYMBIOSIS / Token Swaps / Zksync

Uniswap V3 Protocol License Expires, Allowing Developers to Fork Code

by Blockchain NewsApril 2, 2023

Uniswap, the biggest automated market maker in the decentralized finance (DeFi) space, has opened up its code for developers to fork after the expiration of its Business Source License (BSL) on April 1, according to the protocol’s documentation. The two-year BSL license was created to protect the author’s right to profit from their creations, preventing the code from being used for commercial purposes. The expiration of the BSL license now allows developers to deploy their own decentralized exchange (DEX) using the Uniswap V3 protocol.

Uniswap V3’s new license, the “General Public License,” now applies to the protocol. Developers who want to fork the code will need to use an “Additional Use Grant,” which is a production exemption that is meant to accommodate the needs of both open-source and commercial developers.

Uniswap is widely used by traders, token creators, and liquidity providers in the DeFi space for swapping tokens. Its native token, UNI, is popular among investors looking to gain exposure to the DeFi market. Earlier this month, Uniswap officially went live on the BNB Chain, Binance’s smart contract blockchain, after over 55 million UNI tokenholders voted in favor of a governance proposal by 0x Plasma Labs to deploy the protocol on the BNB Chain. This move allows Uniswap users to access BNB Chain’s ecosystem for trading and swapping tokens, as well as tap into a liquidity pool with BNB Chain’s DeFi developer community.

Uniswap’s decision to make its code available for forking is significant for the DeFi ecosystem, as it allows developers to create new and innovative DEXs that can integrate with the Uniswap V3 protocol. This move is expected to result in a proliferation of DEXs, each with its own unique features, contributing to the growth and maturity of the DeFi space.

While the expiration of the BSL license is a welcome development for developers, it also underscores the need for blockchain projects to carefully consider the licenses they choose to use. The BSL license has been criticized by some in the open-source community for its restrictive nature, and it remains to be seen whether other projects will follow Uniswap’s lead in using the license. Nonetheless, the expiration of the BSL license is a positive development for the Uniswap community, as it opens up new avenues for innovation and growth.

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Tagged : BSL / Decentralized Finance / DeFi / DEX / Fork / GENERAL PUBLIC LICENSE / News / Uniswap

550 BNB lost in contract exploit by decentralized exchange

by Blockchain NewsFebruary 8, 2023

Recently, the decentralized exchange (DEX) system known as CoW Swap came under assault, resulting in the loss of at least 550 BNB (BNB) due to a contract hack that permitted money transfers away from the platform.

The occurrence was spotted by the blockchain surveyor MevRefund, which also noticed that the cash seemed to be migrating away from the CoW Swap exchange. In a Twitter thread, the maximum extractable value (MEV) searcher sent a warning to the DEX and the users of the exchange about the vulnerability.

A wallet address was reportedly added as a “solver” of CoW Swap by using a multisig, as stated by the company BlockSec, which audits smart contracts. The address then initiated the transaction to authorise DAI (DAI) to SwapGuard, which resulted in SwapGuard transferring DAI from the CoW Swap settlement contract to other addresses. DAI was transferred to other addresses by SwapGuard.

The blockchain security company PeckShield calculated that around 551 BNB, which had a value of $181,600 at the time this article was written, had been stolen. Following the theft of the assets, the hacker sent the money to the famed cryptocurrency mixer Tornado Cash.

During the assault, several members of the community had a momentary moment of fear and advised other users to remove their approvals from the DEX. On the other hand, the protocol for decentralized finance (DeFi) said that this is not required.

A research from DappRadar states that in spite of the hacks that have occurred in relation to DeFi, the industry as a whole has gotten off to a fruitful start in 2023. According to the data collected, the overall value of locked procedures had a considerable increase during the month of January.

In other developments, the United Nations has claimed that cybercriminals operating out of North Korea stole a greater quantity of cryptocurrency in 2022 than to any previous year. According to the findings of the research, cybercriminals with ties to North Korea were responsible for the theft of crypto assets valued at between $630 million and $1 billion in 2017.

Disclaimer: CoW Swap’s remarks and the official Twitter announcement have been included to this post after it was modified.

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Tagged : DeFi / DEX / Hackers / Hacks / News

Mango Labs Sues Avraham Eisenberg for $47 Million

by Blockchain NewsJanuary 26, 2023

In its own legal action against the person known as Avraham Eisenberg, the firm known as Mango Labs, which is responsible for the creation of the decentralised finance (DeFi) system known as Mango Markets, has began the process. The name of the decentralised marketplace for trading financial instruments is Mango Markets.

In the complaint that was filed on January 25 with the United States District Court for the Southern District of New York, it is alleged that on October 20, 2022, Einseberg misappropriated its platform in order to acquire cryptocurrencies that have a value of millions of dollars. This allegation was made in the complaint that was submitted on January 25. The complaint that was handed in on January 25 included an accusation similar to this one.

It asserts that it is entitled to compensation for losses totaling $47 million, including interest dating back to the time of the event, and it uses the occurrence as the point of departure for the interest computation.

In addition, it requested that the agreement between Eisenberg and Mango’s linked decentralised autonomous organisation (DAO) be declared “illegal and unenforceable” by the court so that Eisenberg and Mango’s connected DAO’s arrangement may be terminated.

Eisenberg had discussed a theory of governance, and the purpose of this agreement was in relation to that proposition. In the proposal, it was requested that the DAO allow them permission to keep $47 million, with the stipulation that Mango Markets would not pursue criminal charges for the depletion of its coffers. This was one of the conditions that was attached to the request. This was one of the requirements that had to be met in order for the request to be processed. As a condition of the agreement, Mango Markets committed to avoiding any kind of legal action about the subject.

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Tagged : Business / Court / Decentralized Exchange / DeFi / DEX / Law / News

Uniswap v3 Protocol to Be Deploy to BNB Chain

by Blockchain NewsJanuary 24, 2023

On the governance forum for Uniswap, a proposal referred to as a “temperature check” that would deploy the Uniswap v3 protocol to BNB Chain garnered overwhelming approval from the community.

Eighty percent of voters who possess Uniswap’s UNI (UNI) governance token voted in support of installing the third version of the decentralised exchange protocol on BNB Chain, which is a competitor of Ethereum’s network. This vote was carried out by voters who own UNI.

Ilia Maksimenka, CEO of the decentralised finance protocol Plasma Finance, argued why the Uniswap v3 protocol should be deployed to BNB Chain in a proposal that was posted on January 17. In the proposal, Ilia Maksimenka wrote: “We believe this is the right moment for Uniswap to deploy on BNB PoS Chain, for many reasons (one of them is License expiration).”

Following the debate on the governance forum, the Uniswap community carried out a poll known as a “temperature check” in order to determine whether or not the community was in favour of the proposed change.

Eighty percent of those who voted thought that the deployment should go place, while twenty percent said that it should not.

The blockchain software company ConsenSys expressed their approval of the action.

Despite worries over centralization, the company ConsenSys considers the brand of the protocol as “standalone and not subject to any single chain,” according to Cameron O’Donnell, who serves as the DAO governance strategist for ConsenSys.

O’Donnell provided the following explanation: “Regardless of personal viewpoints, the entry of Uniswap into the BSC market will give present and prospective users with a safe and stable means for decentralised exchange.”

Additionally, the ConsenSys executive said that the company feels that it is essential for Uniswap to be “chain agnostic” in order to better serve all customers within the Web3 environment. This was stated in reference to a previous statement made by the executive. After the governance proposal has been accepted, the Plasma Finance team estimates that it will take between five and seven weeks to deploy the appropriate smart contracts to BNB Chain. This will be place after the governance proposal has been accepted.

On December 22, the number of unique addresses on the BNB Chain network exceeded that of the Ethereum network.

The data from BSC Scan revealed that the blockchain included 233 million addresses, which is much more than Ethereum’s count of 217 million unique addresses.

Despite the fact that this chain claims to be “the biggest tier 1 blockchain,” its statistics are a long cry from the one billion unique addresses that the Bitcoin network has.

Update: A portion of the article has been modified to highlight that the proposal in issue is to assess the community’s interest in adopting BNB Chain for v3 protocol deployment. This particular vote is the first of three votes that are necessary to approve a governance proposal.

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Tagged : DeFi / DEX / News / Uniswap

$4 Billion Laundered by Criminals through DEXs, Elliptic Report Shows

by Blockchain NewsOctober 5, 2022

Blockchain analytics and security firm Elliptic has shown that criminals operating in the crypto ecosystem explore decentralized solutions in more ways than is known.

Through its latest report titled “The state of cross-chain crime report 2022,” the analytics firm confirmed that criminals have laundered the total sum of $4 billion through Decentralized Exchanges (DEXs), bridges, and protocols offering Coin Swaps.

According to Elliptic, the use of these protocols is hinged on the fact that these platforms do not have a strict Know-Your-Customer (KYC) procedure, making conducting transactions, irrespective of their illegitimate status more accessible. By virtue of their design, the decentralized protocols are notably linked with scams, Ponzi Schemes, dark web activities, and ransomware amongst others.

“To be clear, Elliptic is not saying DEXs or bridges are used exclusively by criminals; In fact, the opposite is true. They are mostly used by legitimate users. But Elliptic has traced illicit funds (from hacks etc.) that have been moved through DEXs and bridges in order to obfuscate their origin,” a spokesperson for Elliptic said in a statement.

For the better part of this year, there has been quite a lot of emphasis on the roles being played by cryptocurrency mixing services like Blender.io and Tornado Cash in money laundering activities. Both have been sanctioned by the United States Treasury Department’s Office of Foreign Assets Control (OFAC) on the grounds that they are connected to the North Korean Lazarus Group hacking syndicate.

With this revelation from Elliptic, the clamour for intense scrutiny of decentralized protocols is bound to grow in the coming days. DeFi regulation is top of the agenda for most regulators as the industry offers products that compete with the traditional financial ecosystem.

Without the extant regulations guiding events in the space, regulators believe the implosion experienced in space with the collapse of Three Arrows Capital (3AC), Voyager Digital, and the Celsius Network, amongst others, would have been avoided.

Image source: Shutterstock

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Tagged : Bridge / COIN SWAPS / Crime / Crypto / DEX / Elliptic / MONEY LAUNDERING / Research

Hacker Steals $265,000 in User Funds from KyberSwap

by Blockchain NewsSeptember 2, 2022

KyberSwap announced that $265,000 in user funds were stolen after a hacker exploited the multichain DEX aggregator’s front end.

The company confirmed the hacking incident, followed by announcing that compensation would be made to the victims of the attack. A 15% bounty will be released for the hacker if all the funds are returned and if the hacker speaks directly with the KyberSwap team.

According to the details released from KyberSwap, the hacker exploited the code initially at approximately 2:30 am EST. “We identified a malicious code in our Google Tag Manager (GTM) which inserted a false approval, allowing a hacker to transfer a user’s funds to his address,” the company said in its official notice.

The notice further explained that the hacker had discreetly injected the script to target whale wallets with large amounts specifically.

Following investigations, the company was able to neutralize the exploit within two hours.

The company has also urged users to proceed with using its platform with caution for the time being.

However, the attack on KyberSwap was comparatively smaller than other recent attacks on DeFi projects, which have seen numerous multimillion-dollar thefts of users’ funds.

However, it does highlight the wide range of ways DeFi users are vulnerable to attacks.

Image source: Shutterstock

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Tagged : Blockchain / Crypto / Cybercrime / DEX / Hacking / KYBERSWAP

DEX Platform Velodrome Accuses Coder Gabagool of Stealing $350K

by Blockchain NewsAugust 15, 2022

Decentralized Exchange (DEX), Velodrome has come out to accuse one of its in-house developers, Gabagool, of stealing the sum of $350,000 from the platform.

As revealed by the platform, there was unusual activity in one of the wallets containing team tokens that experienced an unusual move on August 4th. The unusual activity led to the exploit that drained the funds, leading to an internal investigation from the team members that do not have access to the team’s wallet.

The investigation results notably led to the discovery that Gabagool perpetrated the hack, and the trading platform said it has distanced itself from the well-followed suspect.

“The Velodrome team has severed our relationship with Gabagool and are working with legal counsel to determine the best next steps,” the DEX platform added in its announcement.

The news came as a surprise to the crypto community on Twitter as Gabagool is one of the known sleuths that helps uncover hacking events in the DeFi ecosystem.

“This sounds odd. Doesn’t look like something @gabagooldoteth would do… Let’s hope for more information,” one Twitter user with the username ‘olimpio’ said in response.

Velodrome reassured its community that the hack did not affect users’ funds and the exploit would not affect its operations. It noted that its full disclosure was to maintain transparency even though the level of damage is something it could have contained in-house.

Velodrome comes off as yet another protocol that has recently experienced an exploit following the $190 million siphoned from the Nomad Network hack. The continuous exploits of Web3.0 protocol have continued to cast doubts on the suitability of DeFi to usher in the following billion users into the emerging world.

With Coinbase and OpenSea also indicting some of their staff for trading malpractices, there is growing advocacy that protocols bolster their security across the board; looking inward is more advised for VASPs.

Image source: Shutterstock

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Tagged : Coinbase / Cybercrime / DEX / GABAGOOL / Opensea / VELODROME