Crypto analytics firm Santiment says that Bitcoin (BTC) is flying off exchanges at its fastest rate in more than four months, a potentially bullish indicator for the top crypto asset.
The crypto insights firm notes in a new tweet that 40,785 BTC, worth over $1,570,000,000 at time of writing, moved off exchanges in the past week, marking the highest weekly outflow total since mid-September.
“The continued trend of coins moving to cold wallets is historically good for long-term price movements.”
BTC is trading at $38,702.68 at time of writing, up nearly 5% in the past week. Despite the slight price recovery, sentiment among traders remains low – another potentially bullish indicator, according to Santiment.
“Bitcoin is back above $38,000 and Ethereum is up to $2,580. There is a long way to go return back to mid-November all-time-high levels. But traders appear to be quite doubtful. This negative sentiment has a high probability of fueling further price rises.”
Santiment also says that whales appear to be accumulating the stablecoin governance token Maker (MKR) over the past year, though the firm says the large addresses have yet to make a significant move on the asset in the most recent period of bearish price action over the past month.
MKR is trading at $2,227.76 at time of writing, up more than 27% in the past week.
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Featured Image: Shutterstock/Liu zishan/Natalia Siiatovskaia
Last month an unlucky Oasis user unwittingly sent approximately 63 ETH to the wrong address.
The user assumed the funds were lost forever, but fortunately their plight caught the attention of the MakerDAO team.
In a remarkable turn of events, the engineering team was able to recover the funds for the owner.
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After more than three weeks of thinking they had lost 63 ETH forever, an Oasis user was notified that their funds had been returned. The MakerDAO Protocol engineering team was able to return what the user described as “literally everything I had in the world besides my car.”
MakerDAO Makes Things Right
In a mix of engineering ingenuity and genuine concern, theMakerDaoProtocol’s engineering team found a way to recover roughly $240,000 worth of lost ETH for its owner.
In aReddit postfrom 23 days ago, a user detailed the harrowing experience of sending roughly 63 ETH to the wrong address.In a videouploaded to YouTube after losing the ETH, the user details exactly what they did as a warning to others. According to the user, they simply connected their Metamask wallet to Oasis, switched the network from Ethereum Mainnet to Arbitrum, and deposited the ETH into the DAI token bridge on Arbitrum.
The problem was that the token bridge was only available for DAI—not ETH. Even though ETH might sometimes be used to interact with the Maker Protocol, that was not the case here.
In the same Reddit post, the user ended with:
“This was literally everything I had in the world besides my car. I’m not posting for sympathy, I just want everyone to know so it doesn’t happen to them… I know I’m the one who made the transaction. I take responsibility for that.”
Yet sympathy they got. Sam MacPherson, of the protocol engineering team at MakerDAO, detailed what happened nextin a tweet. Since Ethereum addresses are“deterministically generated,”any smart contact address on Layer 2 that has “previously been deployed by a Layer 1 EOA” can be replicated.
An EOA is an Externally Owned Account, which is a normal Ethereum address with private keys, rather than simply a contract account (such as might be used in DeFi contracts). The Layer 2 address thefunds correspondedwith corresponded to a known Proxy contract on Layer 1, and so the engineering team was able to insert arbitrary smart contract code into the receiving Layer 2 address.
The engineersthen usedthe Layer 1 ProxyRegistry deployment to find the nonce, as the smart contracts need to share the same deploying address and the same nonce in order to deploy on the EOA. Theythen initiatedarbitrary (“self-sends with no call data or value attached”) smart contracts to Arbitrum from the EOA (the user’s ETH wallet) until they got to the desired nonce, which allowed them todeploy the contractthey wanted.
AsMacPherson concludes: “Once we have the Proxy deployed at the target address we can issue a command to send the ETH back to the original user and voila we recovered the ETH!”
In other words, the engineering team effectively found a way to reverse a blockchain transaction.
Upon receiving the returned ETH, the user updated on Reddit:
“I honestly cannot believe this. As soon as I realized what had happened, I was positive it was gone forever… These guys had no obligation to me whatsoever and yet they still took the time to figure out how to do something that many people, including myself, thought would be impossible.”
It may turn out that “impossible” is only a word, after all.
(Disclaimer:At the time of writing, the author of this piece held BTC, ETH, and several other cryptocurrencies.)
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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In an interaction with Chris Cameron of MakerDAO, U.S. legislator Ted Budd discussed stablecoin regulation.
Budd said that some U.S. legislators in Congress think stablecoins pose a great threat to national security.
However, Budd clarified that he did not agree with such statements and emphasized on embracing blockchain through regulation.
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U.S. Representative Ted Budd has emphasized the need for clear communication between issuers of stablecoins and U.S. regulators.
Congress Fears DeFi Could Pose Threat to National Security
Ted Budd, who serves on the Financial Services Committee of the U.S. House of Representatives, has become one of the first elected US officials to speak with a decentralized autonomous organization publicly.
In a conversation with Chris Cameron of MakerDAO, the U.S. legislator discussed stablecoin regulation, a topic that has made several news headlines in recent months.
In this regard, Representative Budd said some U.S. legislators in Congress are worried that cryptocurrency poses a threat to national security, and think it could lead to a financial equivalent of the September 11 attacks. Discussing the regulatory concerns, Budd affirmed:
“There are some on the Senate side and some on the House side which fear especially when it comes to currency and decentralized finance and how it’s going to evolve. The fear is whether it will hurt our national sovereignty or will it destabilize the US dollar? Some in the U.S. House Committee on Financial Services call this basically a financial 9/11.”
However, Budd clarified that he did not agree with such statements and emphasized his desire to embrace blockchain through regulation. He added:
“I think we need to be very open to this. We need to make the US the place where this technology flourishes. It’s a new technology that’s going to evolve and I’d rather evolve here in the US than in Singapore or in Estonia or other nations that could be hostile to the U.S.”
Lately, several regulators in the U.S. and around the globe have expressed concerns about stablecoins. Many have urged for swift regulation. Earlier this month, U.S. Treasury Secretary Janet Yellen spoke on the need to “act quickly” to mitigate the risks posed by stablecoins.
According to regulators, stablecoins can potentially allow users to circumvent money transmitter rules set by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), as well anti-money laundering regulations under the Bank Secrecy Act.
When asked how MakerDAO could work with U.S. regulators, the congressman responded that stablecoin issuers should address the concerns that regulators have through open and continuous dialogues. He said:
“One of the downsides of decentralization projects is that they don’t know who to call. There’s a lot of innovation but there’s also maybe not coordination when it comes to government affairs.”
From MakerDAO’s standpoint, the topic was very pertinent.It is the issuer of the fourth-largest stablecoin, DAI, which has a market capitalization of $5.3 billion.
Unlike centralized stablecoins such as USDC and USDT, anyone can mint and trade DAI. It can be minted by depositing crypto assets like ETH in MakerDAO’s smart contracts on the Ethereum blockchain in an overcollateralized ratio.
Currently, DAI is largely unregulated due to its decentralized nature. However, since it can be minted without any centralized supervision, the project is likely to face some resistance from regulators. According to Cameron, a large majority of identifiable DAI holders are based in the U.S.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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MakerDAO, one of the world’s leading decentralized autonomous organizations built on Ethereum, is set to launch the Optimism Dai Bridge that will enable fast withdrawals on its protocol.
Major Development on MakerDAO
This development was revealed on Tuesday, March 9, by the Smart Contracts Team on the MakerDAO forum. According to the report, the Optimism Dai Bridge is part of a development series that will culminate in the launch of highly anticipated Layer two (L2) solution Optimism.
Optimism is designed to resolve the problems currently facing MakerDao and is expected to provide gas fee relief on the protocol. It also offers other technical updates. The mainnet launch is expected to occur in March.
However, the current design of Optimism allows the transfer of tokens from Layer 1 to Layer 2 chain instantly, but a reversal operation requires users to wait for a week to ensure fraud-proof transactions. This waiting period is likely to hinder the adoption of Optimism due to alternative options that provide faster transaction times.
The Optimism Dai Bridge is developed to resolve this problem and will allow quicker transactions from Layer 1 DAI to mint Layer 2 DAI. It also allows DAI to be burned in exchange for quicker access to Layer 1 DAI. This means that reversed transactions can be completed faster.
MakerDAO intends to deploy the Optimism DAI Bridge in two phases. The initial phase will launch in March with an initial one-week wait period. At the same time, the platform will integrate fast withdrawals by Q4 2021.
MakerDAO Ecosystem Continues to Grow
MakerDAO is considered the leading decentralized autonomous organization and has continued to make developments to its ecosystem. There have been several technical updates initiated on its protocol in recent months as it looks to consolidate its position as the leading DeFi platform.
MakerDAO has also seen a surge in the prices of MKR in 2021. Since the beginning of the year, MKR has surged by over 100% and hit a high of $3000 on February 20, 2021. The surge has been attributed to increased demand in stablecoins, particularly decentralized ones such as Dai. The amount of Dai currently in circulation is at record levels of $2.6 billion, according to Coinmarketcap.
