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Welcome to the latest issue of Cointelegraph’s decentralized financial newsletter.
With the end of the calendar year, the personable leader of Cardano, Charles Hoskinson, shared a message of optimism, solidarity and collaboration for the future of cryptocurrencies.
In order to express our goodwill for the holidays, our long DeFi newsletter will be published here as an article in its entirety along with regular emails. Subscribe below to get full access to next week’s edition!
Polygon fixes a potential multi-billion dollar agreement vulnerability
Polygon announced this week Fixing potential multi-billion dollar vulnerabilities In its Proof of Equity Genesis contract, through the implementation of emergency Bor upgrades to the main network.
The incident and subsequent escalation occurred in early December. If it is maximized by malicious entities, the vulnerability may cause nearly 24 billion U.S. dollars in economic losses, equivalent to 92.7% of the network’s native MATIC tokens, and effectively lead to the imminent demise.
Everything you need to know about the recent Polygon network update.
?Security partner found a vulnerability
?Fix launch immediately
?Verifier upgraded the network
?No substantial harm to the agreement/end user
?White hats get bounty https://t.co/oyDkvohg33— Polygon | $MATIC (@0xPolygon) December 29, 2021
According to a recent blog post by Polygon, two well-meaning white hat hackers Leon Spacewalker and Whitehat2 discovered the incident on December 3 and 4, respectively, and warned the blockchain security platform Immunefi.
After Immunefi’s program investigation and identity verification, the information was passed to Polygon, which upgraded the network on December 5, although hackers were able to exhaust 801,601 MATIC ($2.04 million) before the vulnerability was resolved.
Polygon co-founder Jaynti Kanani highlighted the network’s ability to quickly resolve critical errors in a blog post postal That:
“Importantly, this is a test of our cyber resilience and our ability to act decisively under pressure. Considering the magnitude of the risk, I believe our team has made the best decision in this situation.”
Thanks to their efforts, Leon Spacewalker will receive a $2.2 million stablecoin reward, and the second anonymous hacker Whitehat2 will receive $1.27 million in MATIC tokens directly from Polygon.
related: As co-founder Sandeep Nailwal said, how Polygon challenges the limitations of Ethereum
Cardano founder Charles Hoskinson predicts DeFi “greater extinction”
This week, in a year-end YouTube live broadcast called “DApps and Cardano DeFi Alliance”, Charles Hoskinson, founder of Cardano In addition to advising participants on the volatility of the index market, he also spoke frankly about the Cardano DeFi project and the emerging landscape of creators.
“To do this kind of project and do it well, it is very difficult to have foresight and foresight into the future. Unfortunately, many projects in this field cannot stand the test of time. In fact, we will be in the next 5 years. We will see species extinction in 10 years.”
Hoskinson broadcasts with obvious enthusiasm from “warm and sunny Colorado” (he humorously describes this place as “always warm, always sunny, and sometimes Colorado”) with obvious enthusiasm-Hoskinson predicts cryptocurrency Field and his beloved Cardano will usher in an important year.
“The only thing that hinders us is ourselves,” he said, and then lamented that empathy and friendly cooperation are a fundamental part of fruitful dialogue and progress to achieve our common pursuit of a more prosperous financial future.
Following the successful launch of Cardano’s smart contract through the Alonzo hard fork in September, the project was under scrutiny due to the tedious development on its roadmap. Nevertheless, Hoskinson believes that due to the huge demand for non-fungible token space, the number of users will exceed 10 times the current 2 million by 2022.
In addition, Hoskinson also launched the Cardano DeFi Alliance, which aims to build an open source library containing resources, tools, services and best practices to promote the development of the entire DeFi ecosystem.
related: Cardano’s ADA price is expected to rise by 30%, and a “triple bottom” setting may appear
Huobi Research Institute predicts that the number of people playing games to make money will increase in 2022
Huobi Research is the research institution of Huobi, a cryptocurrency exchange. Based on its quantitative analysis of data on the chain, Huobi Research has identified GameFi (referring to the combination of games and decentralized finance) as an emerging trend.
In an extensive blog post, Huobi detailed the dramatic increase in user activity and transaction volume of the GameFi project since June, stating that “the DApp ranking shows that five of the top nine applications are GameFi applications. “In addition,” as of early December [2021], GameFi’s weekly active users have reached 9.21 million, a record high. “
thanks @Cointelegraph Used for reporting reports.
Read it ??https://t.co/MnG14w5KNW https://t.co/mzFggnLp0z— Huobi Research (@Huobi_Research) December 30, 2021
Researchers pointed out that these games are different from traditional games such as World of Warcraft in three different categories: free trading of game materials, free trading and pricing of game currency, and property rights protection.
Huobi Research Institute believes that GameFi can “significantly reduce the transaction costs of gold farming.” This term is used to mean the conversion of in-game tokens into real-world currencies. This is the main reason for its financial attractiveness:
“In GameFi, the owner has the right to decide whether to sell certain resources, which improves the user’s independence, stimulates market competition, and thus saves transaction costs.”
In addition, developers in the GameFi field have the advantage of deploying private property rights at a lower cost through irreplaceable tokens: “This is not only a comparative advantage that traditional game developers have never had, but also reflects the use of blockchain technology in games. The intrinsic value of the industry,” the company said.
related: South Korean government asks Apple and Google stores to remove P2E games
Token show
Analytical data shows that the total value of DeFi locked down by 1.8% to 140 billion U.S. dollars in a week, which seems to slow down during the holiday period.
Data from Cointelegraph Markets Pro TradingView shows that the top 100 DeFi tokens by market capitalization are mainly bullish The last 7 days.
Sushi Exchange (Sushi) This week leads with 42% gains. Oasis Network (ROSE) rose 37.5%, while Fantom (FTM) rose 26.1%. Gnosis (GNO) and PancakeSwap (cake) This week won the fourth and fifth places with 25.4% and 3% respectively.
Interviews, close-ups and other cool stuff
Thank you for reading our summary of the most influential DeFi development this week. Join us again next Friday to gain more stories, insights and education in this dynamic development space. Happy New Year!
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