Layerzero’s native token, ZRO, has been listed on several major cryptocurrency exchanges, marking a significant milestone for the cross-chain communication protocol. Binance, Upbit, Okx, Bybit, Gate.io, Bitget, Kucoin, MEXC, and Woo X have all added ZRO to their platforms, offering various trading pairs. Layerzero distinguishes itself with its innovative approach to cross-chain communication, facilitating the […]
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Aave Labs Unveils Ambitious Plans for Protocol V4: Enhancing GHO Stability and Cross-Chain Liquidity
Aave Labs proposed a significant upgrade to its protocol, aimed at enhancing features like its stablecoin GHO, introducing a Unified Liquidity Layer for better integration, and improving the protocol’s architecture for cross-chain liquidity across both Ethereum and non-EVM layer-1 platforms. The update also focuses on automatizing interest rates based on market conditions with Chainlink data […]
Bitcoin News
Lumerin Announces New Integration With Portal DEX for Decentralized Bitcoin Mining and Cross-Chain Hashpower Trading
PRESS RELEASE. CHICAGO – Feb 22, 2024 – Lumerin, a decentralized Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, today announced a new integration with Portal, the first trust minimized, cross-chain swaps that involve no bridges, custody or […]
Bitcoin News
Analog Secures $16 Million for Web3 Interoperability Boost, Launches Cross-Chain Partnership Program
On Monday, the Web3 blockchain interoperability platform Analog announced the team has raised million in a funding round from a wide array of venture capitalists and firms including Balaji Srinivasan, Tribe Capital, and Wintermute. Furthermore, Analog has launched its Launch Partners Program to bolster the presence and market dominance of cross-chain initiatives. Million […]
Bitcoin News
Thorchain Dominates Cross-Chain Trading Volume: What’s Next for RUNE?
Thorchain, a cross-chain liquidity network, has emerged as a frontrunner in cross-chain transfers, surpassing its competitors in volume and transaction activity, on-chain data shows.
Thorchain Trading Volume Expands As Prominence Increases
Citing Galaxy Research data, a user on X, Bullion, noted that Thorchain processed .82 billion in cross-chain transactions over the past 30 days, while Cosmos’ Inter-Blockchain Communication (IBC) protocol handled .35 billion worth of transactions during the same period.
Among layer-2 bridges, Arbitrum Bridge led the pack with .21 billion in cross-chain volume. Others, like Polygon POS and Stargate, processed 4 million and 4 million, respectively.
The spike in Thorchain’s trading volume and liquidity indicates the protocol’s increasing significance in the broader decentralized finance (DeFi) landscape. The protocol’s unique features and innovative solutions have made it a preferred destination for cross-chain asset transfers.
At the heart of Thorchain is its ability to facilitate cross-chain asset swapping in a trustless and non-custodial manner. In this arrangement, and like popular decentralized exchanges like Uniswap, Thorchain allows users to retain control of their funds without depending on intermediaries.
The stream swaps technology seems to be drawing user attention to Thorchain. This feature allows users to swap with near-slippage free even without high liquidity. Technically, and as expected in decentralized exchanges, the lower the liquidity, the higher the slippage. The offer for low or zero slippage gives Thorchain a significant advantage over other cross-chain swaps.
Beyond trading, Thorchain has incorporated other defi solutions, including lending. In this arrangement, Thorchain now supports the trustless lending of assets without liquidity risk or interest, a deviation from traditional lending protocols, including Aave.
As DeFi TVL Recovers, Will RUNE Break To New 2024 Highs?
Together, these features have contributed to Thorchain’s growing trading volume, further cementing its position in the recovering DeFi scene. According to DeFiLlama, Thorchain has a total value locked (TVL) of around 2 million.
Meanwhile, Thorchain claims to have over 91,000 swappers. Cumulatively, the protocol has processed over billion in trading volume.
As DeFi expands from 2022 pits, RUNE, the platform’s native token, has also benefited. Looking at the RUNE daily chart, it is up roughly 5X from 2023 lows.
Despite the re-pricing of asset prices on January 3, RUNE remains resilient. Prices are trending inside a bull flag. Any breakout above .5 and local resistances could catalyze demand, lifting the coin above .3 to new 2024 highs.
Under New Leadership, Terraform Labs Acquires Cross-Chain Analytics Firm Pulsar Finance
In a recent development, Terraform Labs has completed the acquisition of Pulsar Finance, a firm specializing in cross-chain analytics and portfolio management. The acquisition occurs as Terraform’s former CEO Do Kwon remains incarcerated in Montenegro and a U.S. Securities and Exchange Commission (SEC) lawsuit alleging multi-billion dollar fraud hangs over his head.
Pulsar Finance Joins the Terraform Labs’ Fold
Terraform Labs, known for its involvement in blockchain and Web3 services, has taken over Pulsar Finance. Pulsar’s infrastructure is anticipated to be integrated with Terraform’s existing products to provide data analysis capabilities across multiple blockchain protocols.
The deal comes as Terraform navigates through a transitional phase after its former CEO, Do Kwon, was jailed in Montenegro, with pending legal actions from the U.S. Securities and Exchange Commission (SEC). The acquisition cost or financial figures for the Pulsar deal remain undisclosed.
Chris Amani has assumed the position of CEO following Kwon’s departure. Amani’s role commences as Terraform contends with the SEC’s allegations of defrauding investors through crypto asset securities, including its algorithmic stablecoin UST. Following the acquisition, Amani remarked on the purchase and said:
Integrating Pulsar not only enriches our technology stack but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of success building and launching successful applications.
Terraform Labs’ recent acquisition of Pulsar Finance will integrate the latter’s portfolio management capabilities into Terra’s suite of applications. Pulsar’s tools are engineered to shed light on a plethora of blockchain platforms, fulfilling the intricate requirements of managing digital assets. As part of its strategic initiative, Terraform Labs plans to weave Pulsar’s analytical services into its own, enhancing the functionality of Station, its cross-chain wallet platform.
On the trading front, Terra’s LUNA 2.0 token has dipped 4.9% against the dollar as of Monday, although it has climbed 60.5% in the past week. Trading at .752, the token now stands at a 98% increase from its record low on September 21, 2023, when it hit .377 per LUNA.
Despite this recent uptick, the current value of LUNA 2.0 reflects a steep 96% fall from its peak value of .87 per token on May 28, 2022. That was when Terra’s Phoniex chain was born after the massive collapse of LUNC (luna classic) and the former stablecoin UST.
What do you think about Terraform Labs acquiring Pulsar Finance for an undiclosed amount? Share your thoughts and opinions about this subject in the comments section below.
Cybercriminals Use Dexs and Crypto Cross-Chain Services to Launder $7 Billion — Elliptic
According to the findings of a research study by Elliptic, cybercriminals are believed to have used crypto cross-chain bridges and coin swap services to launder billion worth of “illicit or high-risk funds.” The Lazarus Group, a cybercriminal organization said to be backed by North Korea, is “responsible for 0 million of cross-chain crime.”
Bad Actors Exploiting Dexs and Cross-Chain Bridges
In the period between July 2022 and July 2023, cross-chain and cross-asset services were used to “launder billion worth of illicit or high-risk funds,” the latest research by the blockchain analytics firm Elliptic has shown. The value of crypto assets laundered via such channels exceeds the firm’s prediction of .5 billion by the end of 2023.
In a press statement issued on Oct. 5, Elliptic said the latest value of crypto assets laundered via decentralized exchanges, cross-chain bridges and coin swap services dwarfs the .1 billion recorded a year earlier. Commenting on the findings of its latest study, Tom Robinson, the co-founder and chief scientist at Elliptic, said:
“Now, with the innovative insights from our Holistic blockchain analytics capabilities released last year, we’ve seen that cross-chain crime continues to grow, as bad actors continue to exploit services such as decentralized exchanges (dexs), cross-chain bridges, and coin swap services.”
Sanctioned Entities Hold 80 Assets Across 26 Blockchains
According to the statement, the Lazarus Group, a cybercriminal organization said to be backed by North Korea, is responsible for 0 million of cross-chain crime. It added that sanctioned entities now “hold over 80 different assets across more than 26 blockchains.” As has been reported by Bitcoin.com News in the past few months, the Lazarus Group continues to be pointed to in high profile hacking incidents. In one such incident, the hackers are thought to have made off with digital assets worth 0 million.
The blockchain analytics firm said it has noticed that cybercriminals including the Lazarus Group now attempt to obfuscate the movement of the funds before cashing out. The criminals achieve this by using what Elliptic refers to as more complex cross-chain methods. These methods include derivatives trading and limit orders.
What are your thoughts on this story? Let us know what you think in the comments section below.
Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty
Polkadot (DOT) is making strategic moves to propel its development forward as bearish market conditions continue to cast a shadow over the crypto landscape. In recent weeks, the network has shifted its focus away from speculation, opting instead to double down on its commitment to technological advancement.
This move was evident in the multiple presentations it delivered, shedding light on its ongoing efforts and its ambitious goal of achieving 1,000 parachains.
A Paradigm Shift In Polkadot’s Strategy
In a landscape where various blockchain networks are fiercely vying for cross-chain dominance, Polkadot is emerging as a formidable contender. The Sub0 developer conference served as a platform for the network, reaffirming Polkadot’s commitment to cross-chain integration and the immense potential it holds.
GM diligent #Web3 BUIDLers & #crypto degens!
#Polkadot is aiming for the stars !
!
Announced at #sub0, developers are introducing updates to support 1,000 #parachains, a tenfold increase!
“Asynchronous backing” will halve block time & augment block space, paving the… pic.twitter.com/74YZv8pcwS— Orbiter One (@OrbiterOne) September 22, 2023
The implications of this move are profound. Polkadot envisions a future where parachains, interconnected through its innovative architecture, foster a thriving ecosystem of decentralized applications, each with its unique use cases and communities. This holistic approach to blockchain interoperability opens up vast opportunities for developers and users alike, promising seamless interactions between disparate blockchain ecosystems.
Navigating Choppy Waters: DOT’s Price And Sentiment
DOT price has been navigating choppy waters since February. As of the latest data, DOT is trading at .01, according to CoinGecko, with a 24-hour movement of 0.1% and a seven-day decrease of 4.3%. This downtrend has led many to wonder if DOT can regain its bullish momentum in a bearish market.
On-chain data cited in a report suggests a glimmer of hope, indicating a slight improvement in DOT’s weighted sentiment over the last three weeks. This uptick in confidence among traders suggests that some believe in DOT’s potential for an eventual upswing, though it has yet to manifest in price action.
Looking Ahead: DOT’s Prospects In A Bearish Altcoin Market
As cryptocurrency analyst Benjamin Cowen suggests, altcoins, including DOT, may face challenges throughout the remainder of 2023, a pattern often observed in pre-halving years. Nevertheless, Polkadot’s recently unveiled plans and its unwavering commitment to technological innovation position it favorably for the long run.
The network’s vision of a cross-chain future, with an expanding parachain ecosystem, could serve as a catalyst for renewed investor interest and a potential bullish reversal.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability
Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay.
Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology
According to a recent draft submitted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology would allow cross-chain transfers and provide blockchain interoperability between XRPL and various networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft details. “It occurs on two chains, requires multiple transactions, and involves an additional server type called a ‘witness.’”
If a cross-chain bridge is implemented for XRPL, the blockchain will join numerous networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The proposed design by XRPL developers includes a new server type, three new ledger objects, and eight new transactions. The summary also describes a method to “prevent the same assets from being wrapped multiple times (prevent transaction replay).” Mayukha Vadari, a software engineer and Ripplex developer, shared the proposal on social media.
“We just published an official XRPL Standards spec for cross-chain bridges,” Vadari said. “Check it out and let me know if you have any thoughts.”
The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple transaction protocol (RTXP). Currently, XRP, XRPL’s native cryptocurrency, is the sixth-largest digital currency by market capitalization. However, over the last seven days, it has lost 7.7% against the U.S. dollar.
Ripple Labs is also dealing with a legal battle with the U.S. Securities and Exchange Commission (SEC), and some suspect a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused of being an unregistered security by the SEC. The U.S. regulator charged Ripple Labs in 2020, accusing the firm and executives of selling an unregistered security without permission from the SEC.
What are your thoughts on the potential impact of a cross-chain bridge for the XRPL network and the wider blockchain ecosystem? Share your thoughts in the comments section below.
SOURCE Looks to Supercharge Cross-Chain dApps & Smart Contracts with Airdrop, Mainnet Launch
With an intelligently-designed airdrop, a focus on enterprise development and partnerships, and cross-chain functionality, the $SOURCE Blockchain is poised to quickly rise amongst the industry’s biggest and best.
On Thursday, August 4th, Source Protocol Ltd announced the test net launch of the next standout blockchain to hit the crypto market and the Cosmos ecosystem. Built as a highly efficient, scalable and permission-less blockchain network for interoperable dApp development, $SOURCE is bringing a Binance Smart Chain-based DeFi ecosystem and strategic enterprise partnership development to the Interchain. $SOURCE will be publicly-available for enterprises, developers and individuals to create and use scalable dApps, smart contracts and tools for Web 3.0, DeFi, NFTs, P2E, privacy networks, DeSci, and more.
Read more on Source Protocol’s advanced blockchain ecosystem: A Web 3.0 Tech Suite for Individuals, Developers and Enterprises
According to the team’s CEO, innovative plans have been set in motion to introduce new market share to the blockchain industry at large, with $SOURCE and Source DeFi Suite’s focus on bridging the gap between existing Web 2.0 solutions and Web 3.0. These plans already involve building infrastructure for mortgage data servicing companies, a top tier metaverse, white-labeled DeFi banking services, among others. The $SOURCE team is also currently working with partners to establish a strong presence in many regions including the United States, Dubai, Central Europe, South America, and Japan. The $SOURCE testnet is already onboarding dozens of validators in preparation of the chain’s airdrop and mainnet launch later this year.
A New Approach to Airdrops is Needed
A blockchain’s airdrop plays a critical role in establishing a strong foundation for the chain at the date of genesis. A successful airdrop bootstraps a blockchain’s decentralization to a large group of engaged users while simultaneously inviting them to contribute and participate in the new community network.
All Cosmos Hub blockchains have different strategies on how they approach their genesis distribution airdrop. There is controversy in how airdrops are done as $ATOM “whales” typically continue to receive the majority of each new project’s tokens, and users continually find ways to skirt the rules or “game” the airdrop. This limits distribution and decentralization at genesis. For example, if there is a whale-cap (which limits the amount of coins that can be distributed to any individual wallet address in an airdrop), people can spread their $ATOM to multiple addresses, and therefore avoid the impact of any whale cap. They can later consolidate all of their tokens and have a significant advantage over other delegators. This allows them to diminish the project’s value by continuously liquidating their staking rewards. The $SOURCE team is familiar with these greedy and malicious practices, and has designed a unique airdrop model that will be the most rewarding for the already existing and active #SourceForce community.
$SOURCE-Drop
The $SOURCE-Drop airdrop has been carefully designed to provide maximum benefit to Source Protocol community members that already hold both Source Token $SRCX (Source Protocol’s Automated DeFi market rewards token, BEP-20) and Cosmos Hub $ATOM. SRCX should be held in decentralized wallet like Metamask, Trust or Binance Smart Chain wallet, and ATOM should be held in the Keplr wallet. Registering both your ATOM and SRCX wallet addresses in the Source Web 3.0 app via wallet connect will be required in order to participate.
The $SOURCE-Drop will be whale-capped and will not be game-able. The amount of $SOURCE claimable will be determined by the combined average wallet weight of a holder’s ATOM and SRCX balances. Wallet weight is determined by the proportion of a user’s wallet holdings to circulating supply. If no SRCX is held, a zero will be registered in the calculation and this will significantly reduce the quantity of $SOURCE received for ATOM holders that do not hold SRCX. This creates a scenario where even the largest ATOM whales will receive significantly less $SOURCE than a participant that also holds SRCX. Likewise, SRCX holders that do not register an ATOM address on the claiming app will not be able to receive the $SOURCE-Drop as a Cosmos Hub $ATOM address is needed (via Keplr wallet) to generate the new $SOURCE blockchain public address.
***ATOM and SRCX held on centralized exchanges will not be eligible for the SOURCE-Drop.
Multiple snapshots of SRCX and ATOM will be used to calculate the amounts claimable. No snapshot dates will be announced to avoid any gamification. This rewards the true believers and community members of both ATOM and SRCX that are holding long term. This strategy is designed to enable a truly decentralized Web 3.0 ecosystem, rewards those who are loyal to the vision of Cosmos Hub’s “internet of blockchains” and #SourceForce communities, and to create a greater appreciation for recipients of the $SOURCE-Drop.
Bonus Eligibility
Contributors and participants to the $SOURCE testnet will also be eligible to receive bonus $SOURCE from active participation such as creating a wallet, setting up a validator node on $SOURCE testnet, launching a smart contract, etc. Additional contributions and active participation by community members will also be rewarded. For more information about the $SOURCE blockchain, click here.
To prepare for the SOURCE-Drop, be sure to install the Keplr wallet and use it to store your ATOM. Source Token (SRCX) can be purchased on PancakeSwap and stored in Trust Wallet, Metamask, or Binance Smart Chain Wallet. Visit the Source Protocol website here to follow the tutorial if needed