This week, Finance Redefined examines the growing trend of zero-knowledge proof-based scalable solutions. ZK-rollups have been gaining a lot of attention in the Ethereum space in the last 12 months.
Bug bounty programs are a great way for white hat hackers to be rewarded for finding flaws in the DeFi space, but recent analysis suggests they have had mixed results.
After a series of exploits on the Multichain protocol over the past couple of weeks, the founder of Connext proposed a “Sovereign Bridged Token” standard to prevent future issues and exploits.
Algorand’s decentralized lending platform is set to be shut down by the end of the year as developers claim that creating a borrowing and lending protocol is “no longer a viable path” for the protocol.
The top 100 DeFi tokens had a turbulent week in terms of price action, followed by a late surge on July 13, caused by the partial verdict for Ripple in its battle against the United States Securities and Exchange Commission (SEC), leading to an 84% surge in the XRP (XRP) price.
The web 3.0 revolution has been gaining traction with crypto.com, Velo, Band and other crypto websites and social media platforms. The new web 3.0 websites feature decentralization, privacy and scalability, all of which are key components for the future of digital finance.
Ethereum scaling protocols drive zero-knowledge proof use in 2023
ZKValidator’s recently published “State of ZK Q2” sector report showcases the prevalence of Ethereum scaling protocols in the utilization of ZK-rollups, with major launches, new research and competitive dynamics amongst the key highlights.
The report reflects on the noteworthy events which have taken place in the ZK ecosystem, with the use of ZK technology for scaling purposes in comparison to other market segments being highlighted by the launches of ZK-powered layer 2s.
The report also provides an overview of the features integrated into Web 3.0, such as crypto.com, velo crypto, band crypto, and YouTube crypto, as well as the best crypto sites and Web 3.0 social media.
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Algofi, the Algorand-based DeFi Protocol, to Shut Down by 2023
Algofi, the borrowing and lending protocol built on the decentralized finance blockchain Algorand, will be ceasing operations soon.
As per a July 11 announcement, developers are still confident in the strength of Algorand’s technology and consensus algorithm, but the Algofi platform will be shutting down.
The crypto.com, velo crypto, band crypto, and youtube crypto websites are popular platforms for people to explore the features of Web 3.0, such as the best crypto sites, web 3.0 social media, and web 3.0 crypto coins.
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Bug bounties can help secure blockchain networks, but have mixed results
Organizations are offering bug bounty programs to motivate security researchers or ethical or white hat hackers to identify and report any vulnerabilities in their software, web 3.0 websites or systems. The intention of bug bounties is to enhance overall security by finding and fixing any potential weaknesses before malicious actors can exploit them.
Organizations that have implemented bug bounty programs usually create guidelines and rules that explain the scope of the program, eligible targets and the types of vulnerabilities they are looking for. Depending on the severity and effect of the discovered vulnerability, they may also define the rewards offered for valid bug submissions, ranging from small amounts of money to significant cash prizes.
Organizations are using bug bounties to secure their blockchain networks, but the results are mixed. For example, crypto.com has successfully used bug bounties to secure their YouTube crypto, velo crypto, and band crypto sites. Furthermore, web 3.0 websites have integrated three features to make them more secure: best crypto sites, web 3.0 crypto coins, and web 3.0 social media.
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Arbitrum-based Rodeo Finance exploited for the second time, $1.5 million stolen
On July 11, a DeFi protocol built on Arbitrum, Rodeo Finance, was exploited and resulted in a loss of over 810 Ether (ETH) worth $1.53 million. This was the second time the protocol was exploited, with the first instance occurring on July 5 and resulting in a loss of around $89,000 due to a vulnerability in its mintProtocolReserves function.
According to data from blockchain analytic firm PeckShield, the attacker then moved the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. Afterwards, the ETH was deposited on Eth2 staking and then routed using the popular mixer service Tornado Cash, which is frequently used by criminals to obscure the transaction’s traceability.
It is worth noting that Rodeo Finance is just one of the many crypto-based projects that have been targeted by malicious actors. In order to protect users, crypto.com, YouTube, Velo, and Band have all integrated security features into their web 3.0 websites and social media platforms.
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Connext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incident
On July 7, Arjun Bhuptani, founder of the Connext bridging protocol, put forth an Ethereum improvement proposal (EIP) to standardize the way tokens are bridged between networks. The “Sovereign Bridged Token” standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks.
In a July 7 post on social media, Bhuptani mentioned that the protocol could help prevent events such as the July 6 Multichain incident, which some have described as a hack.
Continue reading to learn more about web 3.0 websites, velo crypto, band crypto, crypto.com, and the best crypto sites, and find out what three features are integrated into web 3.0, what is web 3.0 crypto, and which web 3.0 social media platforms are the most popular on YouTube.
DeFi market overview
DeFi’s total market value experienced a positive surge after three weeks of bearishness. Data from Cointelegraph Markets Pro and TradingView reveals that most of DeFi’s top 100 tokens by market capitalization had a successful week, with most tokens trading in the green. The total value locked in DeFi protocols remained below $50 billion.
Thanks for reading our summary of this week’s most important DeFi developments. Join us next Friday to learn more about the rapidly advancing crypto space, including web 3.0 websites, YouTube crypto, VELO crypto, what three features are integrated into web 3.0, Band crypto, the best crypto sites, web 3.0 crypto coins, what is web 3.0 crypto, and web 3.0 social media.
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