Crptocurrency
Ethereum Protocol DeFi Attack: Safeguarding Against Depletion
In an unfortunate event on October 18, the Ethereum decentralized finance (DeFi) protocol, Hope Lend, witnessed a depletion of its resources, amounting to 526 Ether in total value locked. The severity of the situation unfolded as two individuals, one being a frontrunner who discovered the exploit and outpaced the original hacker, executed an attack. This resulted in the theft of 526 Ether, valued at $825,357 during the time of this statement, as reported by various blockchain security firms.
CertiK revealed that the successful attacker managed to acquire 264 ETH and further paid a 263 ETH bribe to an Ethereum validator. This incident raised concerns about the security and integrity of the protocol. Meanwhile, Hope.money, the developer of the DeFi protocol, presented a contrasting narrative. According to their account in a dedicated communication thread, they asserted that a lone hacker absconded with 526 ETH, which belonged to users. Allegedly, the hacker paid 263.91 ETH in bribes to a validator purportedly under the management of Lido Finance, ultimately profiting by 264.08 ETH. Hope.money emphasized the independence of all protocols deployed on http://Hope.money, reassuring users that this incident would not impact other live products and protocols on the platform, including HopeCard, HopeSwap, and $HOPE. They expressed commitment to safeguarding the rights of affected users and ensuring the security of corresponding funds.
Days before this incident unfolded, DeFi aggregator DefiLlama had announced its intent to monitor Hope Lend’s smart contracts for data curation. Unfortunately, at the time of this statement, Hope Lend no longer held noticeable assets within its protocol. While the developers did not specify the cause of the incident, on-chain investigator Spreek suggested a possible connection to WBTC (wrapped Bitcoin) decimals and rounding, resembling the Wise Lending hack that occurred recently. The aftermath of this security breach raises questions about the vulnerability of decentralized financial protocols and the ongoing efforts to secure users’ assets.
Crptocurrency
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Luxembourg, Luxembourg, November 21st, 2024, Chainwire
DegenLayer, a newly launched memecoin focused blockchain & trading terminal app suite, has announced its testnet release, marking a key step toward its upcoming mainnet launch. The platform aims to facilitate zero setup memecoin trading and creation, leveraging the $20 billion liquidity within the Optimism Superchain ecosystem.
The project’s developers project daily revenues of $1 million in ETH, assuming a daily DEX trading volume of $200 million. With low transaction fees and a streamlined user interface, DegenLayer seeks to provide a gateway for mainstream users to engage in blockchain-based trading and creation.
The project’s native token $DELAY was fair launched on Uniswap last week, and is set to be listed on one of the top 15 CoinGecko-ranked exchanges next week, providing access to the token to their 10 million+ user community.
The project is powered by a 60+ person team behind notable successes including PunksClub.io the CryptoPunk social network, Music.com (developed with Pharrell Williams), and AAA games like The Witcher 3 and Dying Light 2. The founding team previously achieved remarkable success with SuperBid, driving token value from $0.01 to $12 in 2021.
“Our proven track record in both Web3 and gaming demonstrates our ability to deliver compelling user experiences,” says Jacob Rylko, Co-Founder & CEO. “With DegenLayer, we’re leveraging our existing reach of 3 million+ users through our Telegram mini-app, Firecoin, to accelerate adoption.”
Key features and projections:
- Innovative “Pump Technology” with 50% of revenue allocated to viral user rewards, $DELAY and memecoin buybacks
- Viral referral program projecting $100,000 daily reward distributions
- Seamless integration with Telegram’s 1B+ user base via a mini app
- One-click memecoin creation and trading interface for non-crypto users
- Transaction fees below $0.01 with 2,000 TPS capacity
DegenLayer’s launch represents a significant milestone in making memecoin trading accessible to mainstream users while leveraging established Optimism infrastructure, the same that is used by Coinbase’s BASE Layer 2.
About DegenLayer
DegenLayer is a trading terminal and Ethereum Layer 2 blockchain designed to make memecoin trading accessible to mainstream users. Built on Optimism technology, the platform offers low-cost, high-speed transactions and a zero setup interface for memecoin trading and creation. Backed by a team with expertise in Web3, gaming, and entertainment, DegenLayer aims to bring innovative blockchain solutions to the global market.
For more information about DegenLayer and its revolutionary approach to memecoin trading, users can visit https://degenlayer.wtf. Media inquiries can be directed to contact@degenlayer.wtf.
Contact
CEO
Jacob Rylko
DegenLayer
contact@degenlayer.wtf
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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