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Shibarium’s beta phase saw a total of 21 million wallets on the L2, driving the interest of users months before the launch. Shiba Inu launched the Shibarium mainnet , an Ethereum layer-2 scaling solution, on Aug. 16 after months of testing that saw millions of users participate and 21 million wallets created. Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes. The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain , providing a more scalable and cost-effective transaction platform. Shiba Inu (SHIB) rose to popularity during the bull market of 2020–2021, even briefly overtaking the OG meme cryptocurrency, Dogecoin (DOGE). However, it couldn’t hold onto its gains for long and lost more than 80% of its valuation during the bear ...

DeFi's rapid growth offers new investment opportunities, but complex processes exclude retail users. Automated trading infrastructure can bridge the gap. Decentralized finance (DeFi) is one of the most critical use cases of blockchain technology. Despite the dramatic decline that has left the total value locked (TVL) in DeFi at about 20% of its peak ($248.8 billion in November 2021 compared to $48.6 billion in April 2023), the trend is here to stay and has the potential to recover in the coming years. The main argument for DeFi’s continued growth concerns the unmatched benefits of having financial services built on decentralized infrastructures. As DeFi continues to evolve, crypto holders have access to many yield-generating opportunities. For example, decentralized exchanges (DEXs) reward liquidity providers (LPs) from the fees generated on their platforms. There are also other investment options like lending, staking or yield farming. However, it is more difficult for retail in...

While total year-over-year losses to hackers dropped 58%, BNB Chain saw 119 security incidents leading to losses of around $70 million, followed by Ethereum, with 55 incidents netting hackers over $65 million. More than $300 million in digital assets were lost to crypto hacks and exploits in the second quarter of 2023, according to on-chain data compiled in the quarterly report by the blockchain security company CertiK.  In the report, CertiK showed that there were a total of 212 security incidents in the quarter. The firm noted that across the incidents, malicious actors drained a total of $313,566,528 from Web3 protocols. Compared to the second quarter of 2022, when hacks and exploits took $745 million, the security firm pointed out that there was a 58% decline in the amount lost. Despite the lower total amount recorded compared to 2022, the quarter saw an increase in the value lost to exit scams, which amounted to around $70 million in the second quarter of 2023. This is almos...

The Agenda podcast chats with DarkFi to explore how Rojava is experimenting with cryptocurrency and why encryption and anonymous spaces are critical for building self-autonomy. In the mid-2010s, the Islamic State was rapidly advancing through Iraq and Syria, conquering territory and terrifying residents. However, one group of Kurds in Northern Syria representing the de facto autonomous Democratic Federation of Northern Syria, in an area known as Rojava, successfully fought back the Islamic State and captured the attention of the world. Many people from around the world went to Rojava to fight, but one lesser-known story made ripples in the crypto world: Some volunteers traveled there to help build blockchain and technological literacy and experiment with the potential of cryptocurrencies like Bitcoin (BTC) to serve as a tool for revolutionary change. After all, Rojava promotes decentralization, autonomy and self-empowerment — sound familiar? On Episode 10 of The Agenda , hosts Ray Sal...

Web3 interoperability integration between Radix and LayerZero, launching in the second half of 2023, enables cross-chain communication and asset transfers, unlocking omnichain functionality for DApps and assets. Web3 interoperability is important to building a decentralized ecosystem that is scalable, secure and provides a seamless user experience.  Radix, a Layer-1 protocol, has partnered with LayerZero, an interoperability protocol, to integrate LayerZero with the Radix Babylon public network. The integration encourages cross-chain communication and asset transfers to the Radix ecosystem, benefitting both platforms and their users. Web3 interoper ability refers to the ability of different decentralized applications (DApps) and Blockchain networks to communicate with one another. Put simply, interoper ability is the state where blockchains can listen to each other, allow users to transfer digital assets and data and enable better collaboration. LayerZero's technology enables ...

- Advertisement - Polygon (MATIC) and RenQ Finance (RENQ) are two tokens that have been making waves in the DeFi space, but there is a growing sentiment that RENQ may be superior to Polygon (MATIC). The new market entrant offers DeFi users a distinct trading approach that Polygon (MATIC) does not. Read on as we explore why RENQ is considered the superior DeFi token and why investors have started accumulating it. A brief overview of RenQ Finance (RENQ) - Advertisement - RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that provides users with access to cutting-edge DeFi solutions. It is a cutting-edge multi-chain non-custodial decentralized exchange that elevates decentralized trading by offering users a direct trading option through Renq’s wallet app. As a decentralized platform, RenQ Finance (RENQ) allows customers to trade their cryptocurrencies in a safe and trustworthy environment, free from centralized involvement. The platform’s DEX is designed to b...

The community has warned others to stay vigilant after reports of phishing websites and scams offering Arbitrum Airdrop tokens. Ethereum layer-2 scaling solution Arbitrum's upcoming "ARB" token Airdrop appears to have become a popular target for scammers, with the community warning of hundreds of Phishing Scams aimed at tricking crypto users. Announced in a March 16 post by the Arbitrum Foundation, the airdrop will send out 10 billion governance tokens via a token airdrop, allowing holders to vote on code changes. The airdrop is set for March 23. Unfortunately, the development has led to more than a few attempts from scammers to set up fake token airdrops aimed at stealing funds from victims ahead of the officially slated event. Blockchain security company Redefine in a March 19 post said it found a website impersonating an official Arbitrum airdrop website. The screenshots show a user is asked by the website to allow access to their funds, which would presumably resul...

Ordinals NFTs have split the Bitcoin community in half — this layer-2 solution aims to unify it in the face of new horizons. Bitcoin (BTC) has grown from a small project to a frontrunner for a possible global currency thanks to its unrivaled market capitalization, unmatched liquidity pool and reliable infrastructure. The long-term benefits of Bitcoin have ensured its place in the balance sheets of industry giants like Tesla and MicroStrategy as well as some small nation-states, no matter the passing market conditions. It’s no wonder that all big players in the decentralized finance (DeFi) space are longing for a plunge in Bitcoin’s huge pool of liquidity. However, since DeFi protocols were built on Ethereum or other blockchains, they lack native compatibility with the Bitcoin network, making it more difficult to tap into the BTC liquidity. Several projects have come up with workarounds to access Bitcoin liquidity over the years, with the most prominent ones being wrapped versions of B...

The last week of 2022 didn't turn out to be a good one as the industry recorded multiple exploits and an exit scam scare. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. For DeFi, the last week of 2022 saw another slew of exploits , insider job accusations and exit scam drama . It all started on Christmas, when Defrost Finance, a decentralized leveraged trading platform on the Avalanche blockchain, was exploit ed by a DeFi flash loan attack causing $12 million in losses. However, the hacker behind the attacks reportedly returned a portion of the funds the next day. Security analytic firm Certik looked into the chain of events and concluded that the $12 million of funds drained were a part of an exit scam. On Dec. 26, when the Defrost exploit saga was unfolding, Bitkeep, a multichain wallet, was exploited for $8 million by hackers. Later in an analysis ...