The decentralized finance (defi) protocol, Dydx, has officially launched version 5.0.0 of its blockchain software, introducing innovative trading features aimed at enhancing market dynamics and user control. This update, approved by the Dydx community, includes the implementation of isolated markets and margins, designed to refine risk management and collateral usage. Dydx Chain Launches Upgrade According […]
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Defi Platform Levana Protocol Says $1.14 Million Was Lost During an ‘Oracle Attack’
The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately .14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.”
‘Precognition Oracle Attacks’
The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or .14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.”
According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.”
There have been 7 wallets identified as performing precognition oracle attacks on Levana during times of network congestion, it is assumed these are from one bad actor.
Read the report here: https://t.co/hqVZU8CpWS
Read below for more details:
— Levana Protocol (@Levana_protocol) December 27, 2023
At the time of writing, seven wallets, which are presumed to belong to a bad actor, were said to have performed “precognition oracle attacks” on the protocol during times of network congestion.
Impacted LPs to Receive Airdrop
Commenting on fears that hackers will continue to drain the LPs, the Levana team said:
“Existing LPs are not at risk of further exploit since opening new positions was paused yesterday morning. Impacted LPs will be compensated through future airdrops and protocol fees collected at the time of the exploit.”
Meanwhile, in a Medium post, the Levana team insisted that the protocol’s recent issues had “nothing to do with Osmosis as a chain itself.” Rather, the issues seem to stem from the limitations of the Cosmos software development kit (SDK) and Tendermint.
The team also revealed that, in addition to fixing the vulnerability, Levana will grant an airdrop to LPs impacted by the exploit. Furthermore, the affected LPs will receive a share of the fees collected during the attack window.
What are your thoughts on this story? Let us know what you think in the comments section below.
New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?
Terra Classic (LUNC) has been suffering since the unfortunate event that happened in May 2022. After the network’s collapse, the cryptocurrency lost over 99% of its value. As a result, investors lost billions of dollars, but the network is far from dead as community members continue to push as they try to get the digital asset to its past glory.
New LUNC Proposal Wants To Burn 3.4% Of Supply
A new LUNC proposal has come with an unexpected twist. Where most other proposals in the community so far have asked that there should be some kind of burn tax imposed on transactions, Proposal 11398 wants the community to burn the Oracle Pool.
Now, burn requests are not new to the LUNC community due to its very large supply, but the Oracle Pool is important because this is where funds to finance projects on the network come from. This pool holds around 3.4% of the total LUNC supply, which comes out to over 256 billion tokens.
According to the author of the proposal, the community pool has “caused nothing but stress.” Their solution on how to deal with this is to actually burn the entirety of it. However, the proposal is still struggling to catch on as it still lies below the 1 million LUNC tokens threshold for it to pass to the governance vote stage.
Interestingly, the proposal is seeing some support on social media as community members took to Twitter to share their thoughts on it. @LUNCDAO, a prominent Twitter account in the community, tweeted in support of the proposal with replies to their tweet also in support.
Will Such A Burn Help The LUNA Classic Price?
Removing such a good percentage of the supply from circulation would no doubt have a positive impact on the price of the digital asset. In fact, if the community pool were to be burned, it would account for over 500% more tokens burned than what has been collectively burned since the LUNC burn started around a year ago.
However, it is important to remember that such community pools are in place to help further the development of the network. As such, it is needed to encourage developers to build on the network. This is likely why the proposal will never pass. At best, it gets 1 million tokens deposited to take it to the governance stage but it would quickly be vetoed and voted No because of the importance of the Oracle Pool.
As for LUNC’s price, it is still trending around the .000125 level, down 1.86% in the last day. The coin has a circulating supply of over 5.9 trillion tokens, which makes a price point impossible for the digital asset at this point.
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness
Main Takeaways
- Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers.
- Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts.
- Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business.
Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF.
What Is a Verifiable Random Function (VRF)?
Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works.
- A series of inputs are passed into a VRF.
- The VRF computes the inputs and generates pseudorandom outputs.
- Anyone, at any time, can cryptographically verify that the output is random.
- All proof is published and verified on-chain before applications can use the output.
Why Do Blockchains Need Random Numbers?
There are various scenarios where blockchain applications require randomness. A few examples include:
- Building a blockchain-based game.
- Allocating tasks and resources.
- Picking samples for a consensus mechanism.
To illustrate, let’s examine how randomness can help a GameFi developer build a blockchain-based poker game.
The developer must convince its users that the poker game uses a fair and unbiased algorithm. For example, the deck of cards is shuffled randomly, and no party, including the developer, can manipulate the game.
Rather than using a black box algorithm that hides the game’s inner workings from its users, blockchain developers can effectively prove randomness by showing how their numbers are generated through a trustworthy oracle provider. This way, users can be sure that their game is fair and unbiased.
The Challenge of Generating Randomness
When generating randomness, a good output must fulfill four criteria: unbiased, unpredictable, verifiable, and instantly available.
Many blockchain developers find it challenging to produce on-chain randomness in their applications due to the deterministic nature of the blockchain. The on-chain generated randomness usually can’t satisfy the unpredictability.
On the other hand, purely relying on a simple off-chain oracle provider could force developers to compromise on availability or, even worse, security. In certain contexts, if a malicious provider feeds some predictable randomness, bad actors can exploit the situation to ensure they receive a favorable result. Imagine a loot-based game where players could try to open a treasure chest multiple times until they get an item they’re happy with. Or a card game where players could draw their hands numerous times until they get a good one.
What’s Under the Hood
VRF combines these two independent sources for seed generation. The randomness constructed by the off-chain provider with its private key is generated from the two parameters block-hash and preSeed. This ensures the unpredictability of the proof, as you cannot predict the block hash until the block is generated.
The proof provided off-chain ensures that the randomness is generated from block-hash and preSeed rather than something that a malicious provider could make up. That makes this randomness verifiable.
In simple terms, developers can generate random numbers fairly and securely.
Binance Oracle VRF
Let’s take a brief look at exactly what Binance Oracle VRF has to offer blockchain developers.
24/7 customer support
Developers have personalized, 24/7 access to a support team of experienced engineers. We understand every project is unique, and we work closely with developers to provide custom solutions that meet their specific requirements.
Powered by the Binance brand
As one of the world’s largest Web3 ecosystems, Binance provides a trusted brand known for its excellence and reputation in the crypto space. By using Binance Oracle VRF, developers can leverage the Binance brand’s power to enhance their projects’ credibility and attract more users.
Affordable without compromise
Our clients, startup or enterprise, get access to a Binance-grade product at a price lower than other solutions on the market.
Innovation shouldn’t come at a hefty price tag. Binance Oracle VRF’s competitive pricing structure is intentional by design. We keep costs low, so there are fewer barriers to entry for project teams with innovative ideas and use cases.
Secure, reliable, and compatible
Binance Oracle VRF is based on the latest VRF standard, which is compatible with a wide range of blockchain platforms, including Ethereum, BNB Chain, and more. Most importantly, we’ve rigorously tested and audited our system to ensure no individual or group can tamper with Binance Oracle VRF’s results.
Designed with accessibility in mind
Binance Oracle VRF’s seamless user experience allows easy VRF-to-smart contract integration. Our dashboard provides a simple yet intuitive interface to monitor requests, including the cost and status, as well as RNG results. With minimal setup, project teams can start generating cryptographically-verifiable outputs.
Integrate With Binance Oracle VRF Today
At Binance, we’re committed to providing the tools that developers need to build innovative and secure blockchain applications.
Start building with an industry-leading RNG solution, and experience the next generation of verifiable on-chain randomness. Try Binance Oracle VRF today →
Further Reading
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Will Binance Oracle Hamper Chainlink Growth Amid The Bullish Run
Recently, the global leading crypto exchange Binance has created a record using Web 3. In addition, the giant crypto service provider recently unveiled its new decentralized Web 3 oracle network.
The shift into Web 3 is skyrocketing gradually. More events, projects, applications, and activities are coming with more innovative additions. In addition, the new belief surrounding Web3 as the next future with greater possibilities fuels its popularity.
Will Chainlink Continue Leading The Game?
This new project from Binance serves as the first major competition to the other oracle services networks. Chainlink (LINK) has been the lead among others of its type. Chainlink’s robust infrastructure has helped it create a strong data feed network. Hence, it could bridge real-world online data and blockchain-based systems.
The new Binance Oracle is to operate as a data feed network by creating a link between real-world data and smart contracts on blockchains. This means it will enable smart contracts using real-world inputs and outputs.
Binance Oracle Will First Operate On BNB Chain
According to its plan for the new oracle project, Binance will first use the services on its BNB Chain. Then, it will enable almost 1,400 DApps and different Web 3 partners to access some existing data sources.
Following the unveiling, many projects are taking several actions already. For example, over ten projects on the BNB Chain have integrated smart contracts to flow with Binance’s bird program.
Before now, Binance disclosed that the oracle services from the new project are chain-agnostic. But there will be support for more blockchain networks in the future.
Gwendolyn Regina, the Investment Director at BNB Chain, spoke concerning the development. The director noted the wave of interest in the new internet through its shift to well-connected smart contracts. Also, it has been essential to use oracles to heighten the knowledge of the smart contract. This will connect it with the current happenings outside the blockchain. So, blockchain activities could quickly respond and adjust to external events with the proper flow.
According to director Regina, the new Binance Oracle will provide stable and reliable reports. This will represent complete accuracy and accessibility features. Hence, the oracle will become a significant contributor to Web 3.
Operations Of Binance Oracle
Binance has placed some distinctive features for its new project. First, the overall performance of Binance Oracle targets a higher level of reliability. The network sources price data from several centralized exchanges (CEXs) and aggregates prices through an intelligent algorithm.
While providing data feeds, the Binance public key is meant to verify the authenticity of the data multiple times. This will eliminate cases of tampering.
Regarding individual data feeds, Binance Oracle depends on Threshold Signature Scheme (TSS). This is reputable in providing a distributed mechanism that removes all failure traces.
Featured Image From Pixabay, Charts From Tradingview
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Algoracle, The Next Phase Oracle Solution Ready To Power The Algorand Ecosystem
The Algorand ecosystem has seen unprecedented levels of adoption. The network has been rising in popularity as investors seek a sustainable and cost-efficient alternative to the expensive and slower blockchains.
Algoracle, a project created to provide Algorand with a native oracle service was created to bootstrap the ecosystem’s expansion. This can only move forward by connecting its decentralized applications (dApps) to the real world.
Algoracle facilitates this process by providing the network with a decentralized bridge to connect smart contracts with real-world data. This service is critical for the expansion of any blockchain-based ecosystem.
Data from Token Terminal indicates that Ethereum, one of the largest networks in terms of dApps numbers, saw an explosion in its monthly revenue. This growth was recorded from April 2020 when it stood below billion to its current billion.
The main driver for this growth has been the adoption of its decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). Conversely, these dApps require an oracle service to operate, offer a product or use case, process transactions, and onboard more users.
Simply put without an oracle, there is no growth. At its yearly high, Algorand saw as many as 1.8 million active addresses. These users will support the network’s next era of adoption, but they need the tools and services that will enable it. Algoracle is the bridge that will make it happen.
Algoracle Can Enable A New Generation Of Use Cases
Unlike competitive services, Algoracle leverages Algorand’s unique consensus algorithm. Called Pure Proof-of-Stake (PPoS), it allows Algoracle to operate as a fully decentralized service without the limitations of a traditional oracle.
In that sense, Algoracle is a step forward for oracle as it can provide newer and more complex dApps with a native Verifiable Random Function (VRF) mechanism. This improves the oracle’s performance, efficiency, scalability, and uptime.
Algoracle and the VRF mechanism features will enable the service to power a new branch of use cases. For example, smart contracts will be able to receive data, and their upgraded infrastructure will allow them to send data into the real world.
In that way, a user could receive notifications from their NFT marketplace, receive or send data on a decentralized exchange (DEX), and more. It is the next generation in DeFi and smart contract interaction. This could allow dApps operating with Algoracle to communicate and potentially support cross-chain transactions.
Algoracle Supports Numerous Projects On Algorand
Over the past year, Algoracle has partnered with Brave New Coin, Kaiko, Nomics, AlgoGuard, Equito Finance, Glitter Finance, and many others. Their collaboration with Glitter Finance has enabled them to power their DeFi services comprised of a yield generation solution, a cross-chain bridge, and a cross-chain NFT marketplace.
This goes to show the importance of an oracle solution for the Algorand ecosystem and its vast array of use cases. When the partnership was announced, David Dobrovitsky, founder and CEO of Glitter Finance said:
The Glitter Finance technical team, working in concert with the technical team of Algoracle has developed new innovations that will greatly enhance and change the way blockchain and cross-chain bridges work and will allow for much greater solidity and stability for the Glitter Protocol (…).
CF Benchmarks and Open-Source Oracle Platform DIA Make Crypto Indexes Available On-Chain
DIA, the open source data platform for decentralised finance and the UK FCA-regulated crypto index provider CF Benchmarks announced today that they will make CF Benchmarks’ crypto index reference prices available via the DIA oracle suite.
With a total settlement volume of more than 0bn since its inception in 2017, UK-based CF Benchmarks Ltd is the world’s leading crypto index provider. Acquired in 2019 by the global digital asset exchange Kraken, CF Benchmarks provides reference rates that are tracked by ETFs and ETPs listed on exchanges around the globe, including Canada, Brazil, Switzerland and Germany. CF Benchmarks is best known for its CME CF Bitcoin Reference Rate, a price benchmark used by the CME Group to settle Bitcoin futures and options.
Access to Compliant ETH and SOL prices
In this new move, DIA will include CF Benchmarks’ reference prices as feeds in its data offering. As a start, reference prices for native tokens of the Layer 1 blockchains Ethereum and Solana will be provided as oracles. Oracles are smart-contract-readable data streams that enable applications running on the blockchain to ingest and read data from outside their own ecosystems.
ETH and SOL reference prices will be provided to both Ethereum-native and Solana-native developers. The availability of institutional-grade reference prices from a benchmark regulation compliant and Big 4 audited provider will enable secure development of new financial products and services underpinned by resilient and robust methodologies.
Bridging Traditional and Digital Asset Markets
Notwithstanding its nascency and volatility relative to more developed traditional asset markets, the digital asset ecosystem has shown staggering growth and attracted significant interest from retail and institutional investors alike. With an estimated market capitalisation of trillion, the digital asset market falls far behind its legacy counterpart. Products like the reference prices provided by CF Benchmarks are a crucial building block for enabling safe institutional access and fostering regulated rails to this new asset class.
“The emergence of decentralised finance poses a challenge and opportunity for investors and regulators alike”, said Michael Weber, DIA’s Founder. “Teams like CF Benchmarks are at the forefront of creating a safe and secure environment for investors to allocate their capital. This is crucial for the development and the maturing of the ecosystem and we are excited to be a part of that journey.”
“CF Benchmarks is continually looking for ways to improve the availability of robust, reliable cryptocurrency pricing data, for users of digital asset ecosystems, as well as institutional and individual investors”, said CF Benchmarks CEO Sui Chung. “That is why we are proud to partner with DIA, one of the most comprehensive and fastest-growing oracle platforms, with a user base deeply embedded in the blockchain development community. We are confident that this partnership will be a significant step towards enabling the high-integrity pricing that will be critical for mass adoption of DeFi, Web3 and beyond.”
About DIA
DIA (Decentralised Information Asset) is a cross-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the sourcing, validation and sharing of transparent and verified data feeds for traditional and digital financial applications. DIA’s institutional grade data feeds cover asset prices, metaverse data, lending rates and more. DIA’s data is sourced from a broad array of on-chain and off-chain sources and can be fully customised with regards to the mix of sources and methodologies. DIA’s oracles are available to developers on all relevant layer 1 and layer 2 networks including Ethereum, Solana, Polkadot, Binance Smart Chain, Polygon, xDaiChain, Avalanche, and many more.
About CF Benchmarks
CF Benchmarks is the leading provider of cryptocurrency benchmark indices, authorised and regulated by the UK FCA under the UK Benchmarks Regulation. Its benchmark indices are provided through public methodologies and transparent governance; for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks’ indices have been used to settle over 0bn of cryptocurrency derivative contracts, including those listed for trading by CME Group and Kraken Futures, as well as serving as the reference index for ETFs and ETPs listed in Canada, Germany, Switzerland, France, and Brazil. CF Benchmarks is a wholly-owned subsidiary of Kraken.
Coinbase Lists Open Source Oracle Platform DIA
DIA’s listing news generated major attention on the oracle platform as the DIA token’s trading volume skyrocketed by 1000%, with +0M DIA traded in 24 hours. DIA is now in full-trade mode in Coinbase Exchange and Coinbase Pro, allowing users to buy and sell the token.
Launched in 2018, DIA is a cross-chain, end-to-end, open-source oracle platform for Web3, enabling the crowd-sourcing, validation and sharing of transparent and verified data for dApps. DIA’s governance token empowers the community to govern the DIA platform and validate DIA’s crowdsourced data feeds.
This Monday, January 24, DIA was listed on Coinbase allowing inbound transfers of the DIA token in the regions where trading is supported. The listing news caught the attention of the web3 community as the volume of DIA skyrocketed by 1000%, with more than 0M DIA being traded within 24 hours.
Together with Kraken and Binance, Coinbase is one of the leading web3 platforms for buying, selling, transferring, and storing digital assets. According to Coinbase, approximately 73 million verified users, 10,000 institutions, and 185,000 ecosystem partners are operating on the platform.
Currently, DIA is available on Coinbase Exchange and Coinbase Pro with pairs DIA-USD, DIA-USDT, DIA-EUR.
DIA is the First Oracle to Integrate with Astar Network
DIA is the first oracle provider to integrate its oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. The oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data.
The open-source data provider DIA announced today the integration of its decentralized oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. This oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data via DIA’s trusted oracles.
Astar Network, previously known as Plasm, is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar Network won the 3rd Polkadot parachain auction on December 2, 2021, and onboarded to the Polkadot Relay Chain on December 18, 2021.
As the Polkadot Relay Chain doesn’t support smart contracts, Astar is working to provide a solution for all developers by parachain where EVM and WebAssembly smart contracts can co-exist and communicate with each other.
Thanks to Astar’s Ethereum and WebAssembly compatibility, DeFi applications can seamlessly be deployed on Astar’s parachain, where DIA will be able to feed them with accurate and transparent market data. DIA’s price feed oracles will fuel a range of use cases, such as lending and borrowing protocols, stablecoins, staking rewards and many more.
To build the data feeds, DIA simultaneously aggregates price data at a very trade level directly from centralized and decentralized exchanges. This decentralized approach to data sourcing enables DIA to provide accurate price feeds on-chain and reduce exposure to data manipulation.
Open-Source Oracle DIA announces Integration with Fantom’s Opera Mainnet
The open-source oracle platform for decentralised finance DIA announced today its entry into the Fantom ecosystem by making its data provision available on Fantom’s Opera Mainnet. This new integration will enable teams operating on Fantom to develop use cases such as stablecoins, stakings rewards, lending and borrowing, DEXs and many more.
Fantom is a fast, scalable, and secure layer-1 blockchain platform, built with Fantom’s aBFT consensus protocol. The Fantom Network is compatible with Ethereum’s Virtual Machine (EVM), allowing developers to deploy and run Ethereum dApps on Fantom. On Fantom, transactions are confirmed in around a 1 second and cost on average one cent.
With a total value locked of almost billion, the Fantom ecosystem is continuously growing with many DeFi protocols already operating in the chain. Some of the best-heard dApps include AnySwap, SushiSwap, Yearn Finance, Abracadabra, Beefy Finance and many more.
Blockchain applications, regardless of the native network, require accurate and real-time data from the outside world to execute their underlying transactions. Through this latest integration with Fantom’s Opera Mainnet, DIA is enabling smart contracts on the network to have access to +6.000 cryptocurrency and +20.000 traditional financial asset feeds.
To source such a broad range of data feeds, DIA’s community of developers scrape data directly from on-chain sources or CEX APIs at individual trade level. Any data feed that is publicly accessible can be sourced, regardless of whether it is listed on exchanges and what its trading volume is.
As many Fantom projects operate their assets solely on the Fantom blockchain and are traded only on Fantom DEXs, DIA is specifically sourcing data feeds of Fantom Network native assets. To do so, DIA scrapes information directly from Fantom native markets such as SpookySwap.
Fantom is the latest blockchain network that DIA has aggregated to its cross-chain oracle offering. In fact, in the last weeks, DIA has been announcing new integrations with many relevant DeFi ecosystems including Solana, Celo, Arbitrum, Avalanche, Moonriver, Near, among others.