Autor Cointelegraph By Brayden Lindrea

It's a go! Uniswap Foundation becomes reality after 86M votes in favor

It's a go! Uniswap Foundation becomes reality after 86M votes in favor

Uverejnil používateľ | aug 25, 2022 |

The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become reality after their proposal received over 99% of the votes from UNI token holders.According to the initial proposal, the foundation aims to streamline Uniswap’s Grant Program (UPG) and reduce friction in the protocol’s governance system. Former Uniswap Labs executive Devin Walsh, now serving as executive director of UF shared the results in a tweet on Aug. 24, noting that the proposal to create the foundation “passed its final vote!” Last night our proposal to create the Uniswap Foundation passed its final vote!https://t.co/B2VOAeg5is— Devin Walsh (@devinawalsh) August 24, 2022According to the Uniswap website, the foundation saw more than 86 million, or 99% of total votes in favor of the proposal, with only 770 votes against it. The votes in favor come despite the initial proposal seeing mixed community reaction when it was first announced on Aug. 5.The voting period started on Aug. 17, and was cut off at 2:19 pm GMT +10 deadline on Aug. 24. The votes were conducted on Uniswap’s app, with voters needing to hold the UNI token in order to vote. For the vote to pass, a threshold of 40 million votes was needed to be cast in favor of the UF. Walsh said that the UF has already “hit the ground running” on its top priorities, including interviewing “talented, values-aligned candidates” to join the team, scaling up the UPG and “reinvigorating governance.”According to the Uniswap Foundation’s job board, employees they’re looking to hire include Community Lead, Partnerships Lead, Governance Lead, Grants Analyst and Leads, Communications and Finance Leads, and Developer Relations and Protocol Leads. Decentralized or not? But despite the votes being cast heavily in favor of the UF, some on Twitter have questioned how much control the community actually has on Uniswap decisions. Chainlink Community Ambassador “ChainLinkGod,” who has 150,200 followers on Twitter, stated that Uniswap’s decentralized autonomous organization (DAO) should “determine how funds raised are used” rather than a centralized foundation.The Uniswap DAO is also a joke in regards to decentralization theater, doesn’t exactly help your argument here, but at least they control $3.6B in UNI (largest DAO by AUM)Typically it is the role of a DAO determine how funds raised are used, not a centralized foundation— ChainLinkGod.eth (@ChainLinkGod) August 20, 2022

Another community member suggested that the voting outcome was “whale run”, with the top 20 addresses voting with 81.57 million, or 99.7% of tokens used to vote in the proposal. Uniswap has a history of passing fairly unanimous proposals. Today the community voted to accept a US$ 74mn expense to create the Uniswap Foundation (UF).But….US$ 74mn is a lot of money…and was it really the community that voted this in?https://t.co/BeavvElVK3— Ishita Srivastava (@ishita7077) August 24, 2022

Walsh, along with now Head of Operations Ken Ng plans on building out a team of 12 and have requested $74 million from the Uniswap decentralized autonomous organization (DAO) treasury, which currently holds over $3 billion worth of UNI tokens. Of the $74 million, the UF plans on distributing $60 million to the Uniswap Grant Program (UGP) and the remaining $14 million to cover the operating budget.Uniswap is the world’s largest decentralized exchange (DEX) by trading volume. Since Uniswap’s inception in Nov. 2018, the protocol has supported more than $1 trillion in cumulative volume, with its daily volume often competing with that of centralized exchange Coinbase.

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New fix for curse of Impermanent Loss proposed on Avalanche

New fix for curse of Impermanent Loss proposed on Avalanche

Uverejnil používateľ | aug 24, 2022 |

Avalanche-based decentralized finance (DeFi) protocol Trader Joe claims it may have found a way to mitigate one of DeFi’s biggest weaknesses — impermanent loss. In a newly released whitepaper on Aug. 23 called the JOE v2 Liquidity Book, authored by Quant developers and researchers Adam Sturges, “TraderWaWa”, “Hanzo” and software engineer “Louis MeMyself”, the developers outlined the use of Liquidity Book (LB) with an additional variable fee swap feature to “provide traders with zero or low slippage trades.”/4 Impermanent LossOne of the most critical issues of Uniswap V3 is that impermanent loss often exceeds swap fees.A study effectuated by the @Bancor team showed that 50% of Uniswap V3 LPs lose money. Liquidity Book solves this problem by introducing variable swap fees.— The DeFi Investor (@TheDeFinvestor) August 23, 2022Trader Joe said the new strategy will mitigate impermanent loss “suffered by so many liquidity providers (LPs) on other DEXs during market turbulence.” Impermanent loss, which has been seen as one of DeFi’s greatest weaknesses, happens when the price of token changes after one deposits it in a liquidity pool-based automated market maker as part of yield farming — a type of investment in which one lends tokens to earn rewards (not the same as staking).It’s also one of the reasons that institutional investors have been treading with caution in the DeFi space, according to digital-asset management firm IDEG’s chief investment officer Markus Theilen. Speaking to Cointelegraph, Theilen said that his firm and other institutional investors “have been less engaged with automated market makers (AMMs) as the risk of impermanent loss is too high,” adding:“I must admit that Trader Joe’s v2 whitepaper offers a novel idea and liquidity providers have generated 30bps for facilitating trades, which is an attractive return when future growth is uncertain for the industry. We want to see how much liquidity v2 is now attracting and how Trader Joe’s TVL will improve.”Theilen added that in order to get a competitive edge in the digital asset sector, investors need to look for alternative investments with good fundamentals, rather than just relying on blue-chip assets: “As a crypto fund, we can’t just rely on ETH and BTC, we want other layer ones and alt coins to thrive, so we applaud the Trader Joe team for keeping developing and other AMM on their toes.”According to the paper, Trader Joe’s Liquidity Book (LB) is a type of liquidity pool (LP) that arranges liquidity of an asset pair into price bins, which are exchanged at a constant price. The LB introduces a new variable swap fee, which is designed to protect traders from impermanent loss by compensating LPs in the event of extreme market volatility, so that the liquidity can be more efficiently managed in response to sudden price movements. Trader Joe’s LB will also offer zero to low slippage trades, which will serve to offer traders better buying rates. If properly executed, this may represent a significant breakthrough in DeFi, as a recent study showed that over 50% of Uniswap V3 LPs lose money in times of market turbulence because impermanent loss exceeded the swap fees.The wait is finally over….Introducing: Liquidity Book A next gen AMM protocol that is highly efficient, flexible and built for #DeFihttps://t.co/6l2FoaJ0xo— Trader Joe | New AMM Soon (@traderjoe_xyz) August 22, 2022

Thorchain is another DeFi protocol providing impermanent loss protection for LP deposits after the first 100 days (with partial protection before that point). The Trader Joe protocol dubs itself as a “one-stop decentralized trading platform” that is built on smart contract platform Avalanche. Related: Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launchThe protocol is currently the largest decentralized exchange (DEX) on Avalanche, with $191 million total value locked (TVL) on the protocol.The DeFi protocol allows users to trade, farm, lend and stake among other things. Trader Joe’s token, JOE, saw its price briefly spike following the whitepaper release, and is trading at $0.28 at the time of writing, though its still down 94.5% from its all-time-high, according to Coingecko.

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64% of US blockchain-versed parents want crypto taught in schools: Survey

64% of US blockchain-versed parents want crypto taught in schools: Survey

Uverejnil používateľ | aug 24, 2022 |

Over two-thirds of U.S. parents and college graduates with an understanding or involvement in crypto believe that crypto should be taught in schools in order for students to “learn about the future of our economy,” a new study has found. In a newly released survey from the online educational platform Study.com, the firm found that 64% of the parents 67% of the college graduates surveyed believed that cryptocurrencies should be part of mandatory education. Both groups had a slightly different view when it came to the blockchain, the Metaverse, and non-fungible tokens (NFTs) however, with only around 40% believing those subjects should be included in the curriculum as well.In order to take part in the survey, the parents and college grads were screened to ensure the subjects had a sufficient level of understanding of blockchain tech, crypto, NFTs, and the Metaverse and disqualified anyone that didn’t understand the topics from participation. The survey included 884 American parents and 210 American college graduates The results come amid the increasing awareness and adoption of cryptocurrencies in the United States. According to data research center Pew, around 88% of Americans have at least heard of cryptocurrencies, while 16% of U.S. residents have invested or traded cryptocurrencies at some point in their lives. The survey found that both parents and college graduates who had invested in crypto are likely to contribute money to crypto education, with three-quarters of crypto-hodling parents contributing an average of $766 to their children’s crypto education, while over three-quarters of crypto-invested graduates were spending an average of $1,086 on education.The University of Connecticut and Arizona State University are among U.S.-based colleges that have introduced introductory courses on blockchain tech and crypto applications. According to Connecticut professor Marianne Lewis, her university’s 14-week optional class is designed to help students “learn how to manage cryptocurrencies and how such digital assets impact our economy.”Prestigious universities such as Massachusetts Institute of Technology (MIT) and Harvard University have also begun offering similar courses.The survey also found that both groups agreed that learning about “the future of our economy” was most important, as well as a means to “diversify investments”, “to create opportunities” and “develop an investing mind.”Related: Top universities have added crypto to the curriculumIn an interview with Cointelegraph in May, CEO of TZ APAC Colin Miles suggests that crypto could be incorporated into secondary and tertiary schools curriculums within three to five years, stating: “Overall, this trend will become a mainstay because a large number of exciting new jobs will come from the Web3 environment. It is, therefore, incumbent on educational institutions to help gear their student cohorts up for this important shift.”New York City mayor Eric Adams also said in an interview last year that local schools should embrace blockchain technology and digital assets:“We must open our schools to teach [blockchain] technology, to teach this new way of thinking.”

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Ethereum community splits over solutions for transaction censorship

Ethereum community splits over solutions for transaction censorship

Uverejnil používateľ | aug 23, 2022 |

The Ethereum (ETH) community has been divided over how to best respond to the threat of protocol-level transaction censorship in the wake of the United States government sanctions on Tornado Cash-linked addresses. Over the last week, Ethereum community members have proposed social slashing or even a user-activated soft fork (UASF) as possible responses to transaction-level censorship on Ethereum, with some calling it a “trap” that will do more harm than good and others stating its necessary to provide “credible neutrality and censorship resistance properties” on Ethereum.The heated debate comes after Ethereum miner Ethermine elected not to process transactions from the now U.S. sanctioned Ethereum-based privacy tool Tornado Cash, which has prompted members of the Ethereum community to worry about what would happen if other centralized validators did the sameThe Ethereum community is also debating the effectiveness of social slashing to combat censorship on the Ethereum network, as the strategy could lead to a chain split with some validators processing transactions on the censorship-less chain and the others validating only the OFAC-compliant chain. Social slashing is the process whereby validators have a percentage of their stake slashed if they don’t correctly validate the incoming transactions or otherwise act dishonestly.This may become a significant issue if regulators require major centralized staking services like Coinbase and other major centralized pools, which together stake more than 50% of ETH in the Ethereum Beacon 2.0 chain to only validate OFAC-compliant chains. Founder of Cyber Capital Justin Bons argues that slashing “is a trap” that “represents a greater risk than the OFAC regulation” and will not be a viable solution to tackle censorship at the protocol level.1/21) We are now at a critical crossroads for EthereumWith OFAC regulation looming over ETH; threatening censorshipHowever, the greatest threat comes from withinDiscussions of “social slashing,” multiple forks & unclear governanceHeralds the potential for disaster in ETH:— Justin Bons (@Justin_Bons) August 22, 2022In a 21-part Twitter thread on Aug. 22, Bons said that social slashing exchanges may “deprive innocent users of their deposits,” which would “violate their property rights.”Bons also said that too many validators complying with law enforcement on Ethereum would “lead to a chain split,” at the point at which “censors start ignoring or do not attest blocks that contain OFAC violating TXs.” Founder of Ethereum podcast The Daily Gwei Anthony Sassano wrote on Twitter on Aug. 20 that “collateral damage is inevitable in social slashing […] it’s worth it to protect Ethereum’s credible neutrality and censorship resistance properties.”That’s a less bearish outcome than the Ethereum network engaging in permanent censorship.Collateral damage is inevitable with social slashing – but at some point it’s worth it to protect Ethereum’s credible neutrality and censorship-resistance properties.— sassal.eth (@sassal0x) August 20, 2022

Meanwhile, Geth developer Marius Van Der Wijgen shared a similar sentiment stating that preserving censorship on the Ethereum network should be the Ethereum community’s highest priority:“If we allow censorship of user transactions on the network, then we basically failed. This is *the* hill that I’m willing to die on. “If we start allowing users to be censored on Ethereum then this whole thing doesn’t make sense and I will be leaving the ecosystem. […] I think censorship resistance is the highest goal of Ethereum and of the blockchain space in general, so if we compromise on that, there’s not much else to do, in my opinion,” he added. Related: Tornado Cash ban could spell disaster for other privacy protocols — Manta co-founderCrypto researcher Erica Wall added that to date, censorship resistance has served as a core property on the Ethereum network and that while we’re seeing some censorship on the front end, “it’ll only get bad if censorship starts happening side Ethereum itself.”The Tornado Cash sparked censorship debacle has plagued the Ethereum community for over a week now.

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Crypto security experts raking in $430K salaries amid spike in hacks

Crypto security experts raking in $430K salaries amid spike in hacks

Uverejnil používateľ | aug 23, 2022 |

The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year.Speaking with Cointelegraph, blockchain recruitment firm CryptoRecruit founder Neil Dundon said that while security audit services have long been in demand, the rise of decentralized-finance (DeFi) protocols has opened up opportunities for auditors to review potentially vulnerable smart contracts:“There’s always been a demand for security auditors […] But since DeFi apps have been out there, there has been quite a big increase in demand for security audits across the space because one small vulnerability in the protocol can potentially lead to the loss of hundreds of millions of dollars.”A report from Chainalysis earlier this month revealed that hackers extracted more than $2 billion from cross-chain bridge protocols alone this year. In a Bloomberg report on Aug. 22, CEO of decentralized lending service Morpho Labs Paul Frambot said that crypto security audits have moved from a “nice to have” business expense to a “must have” one.“Security is, in my opinion, not taken sufficiently seriously in DeFi,” he said. The rise in demand for crypto security auditors has seen a plethora of “for hire” ads across the industry. According to job advertisements posted on Cryptocurrency Jobs, blockchain audit companies mostly look for experienced programmers with an understanding of blockchain technology, cybersecurity, and cryptography. While most security audit salaries fall within the $100,000 – $250,000 range, some companies are willing to pay upwards of $430,000 per year, according to Web3.career’s job board.Crypto recruitment firm Plexus Resource Solutions Zeth Couceiro made a similar comment to Bloomberg, noting that in some cases, blockchain security auditors have been raking up to $400,000 annually.Couceiro added that these auditors tend to make about 20% more than Solidity-focused developers, which is the most popular programming language used to deploy smart contracts on Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains.Related: What is a smart contract security audit? A beginner’s guideAmong the top vulnerabilities that security auditors look for in smart contracts include timestamp dependency, reentrancy attacks, random number vulnerability, and spelling mistakes.The Bloomberg report noted that venture capital firms have already poured $257 million into crypto security audit companies this year, which is up 38.9% from all of 2021, according to CB insights.

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