Autor Cointelegraph By Zhiyuan Sun

77.1% of Salvadorans surveyed think the gov’t should ‘stop spending public money’ on Bitcoin

77.1% of Salvadorans surveyed think the gov’t should ‘stop spending public money’ on Bitcoin

Uverejnil používateľ | okt 20, 2022 |

In a recent study published by José Simeón Cañas Central American University in El Salvador, 77.1% of respondents say that they want the Salvadoran government to stop “spending public money on Bitcoin.”Moreover, only 24.4% of respondents say they’ve used Bitcoin (BTC) as a means of payment since the country’s government recognized it as legal tender last year. The survey, conducted by the privately owned but nonprofit Central American University, polled local Salvadoran residents regarding their opinion on Legislative Decree No. 57, which recognized Bitcoin as legal tender in El Salvador on Sept. 7, 2021. A total of 1,269 valid interviews were collected during September 2022, with a reported margin of error of 2.75% on a 95% confidence interval. Although there was no direct causal link between the adoption of Bitcoin and the country’s economic situation, 95% of survey respondents say their lives “stayed the same” or “[have] gotten worse” since Bitcoin became legal tender. The country’s president, Nayib Bukele, is famous for his Bitcoin campaign that has sought to attract tourism and foreign investment. Last year, Bukele proposed founding a “Bitcoin City” where nominal tax rates are set at 0%, with construction funded by a $1 billion Bitcoin “Volcano Bond.”The politician and blockchain personality is also known for publicizing repeated purchases of BTC with the country’s national budget. The Salvadoran government has spent over $107 million buying Bitcoin to date, according to the Nayib Bukele Portfolio Tracker. Still, despite dollar-cost averaging, the investments are currently only worth $45.7 million following this year’s bear market. However, it should be noted that the portfolio tracker only tracks public announcements and that the reported profit and loss may not be fully accurate without access to the government’s complete trading records. 

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Following launch hype, PancakeSwap wants to deploy mainnet on Aptos

Following launch hype, PancakeSwap wants to deploy mainnet on Aptos

Uverejnil používateľ | okt 20, 2022 |

On Oct. 20, developers of the popular decentralized exchange, or DEX, PancakeSwap proposed deploying its mainnet on layer-1 blockchain Aptos.Currently, PancakeSwap is based on BNB Chain and processes about $47 million worth of trading volume each day. However, its developers have introduced the DEX’s first multichain migration proposal after the launch of Aptos on October 17, writing: “Aptos is a next-generation L1 with low transaction costs, high transaction throughput, and fast transaction speeds, utilizing a novel and developer-optimized approach to parallel execution. PancakeSwap has developed a strong relationship with the Aptos team, and a large number of its developer ecosystem are suitable for PancakeSwap partnerships and products.”Should the proposal pass, developers will deploy four main features of the DEX, including Swaps, Farms, Pools and Initial Farm Offerings on Aptos by Q4 2022. As told by developers, this is to ensure that PancakeSwap can quickly establish itself as the leading DEX on Aptos.The DEX’s native token, CAKE, will also be natively available on the Aptos blockchain. A vote for the matter will commence on the platform tomorrow.Aptos was founded by former Meta employees Mo Shaikh and Avery Ching, who also played a role in the firm’s failed stablecoin project Diem. In July, Aptos Labs raised $150 million at a $1 billion valuation in a round led by FTX Ventures and Jump Crypto.The project has attracted much attention from developers due to its backing and claim of being able to process 130,000 transactions per second (TPS). However, at the time of publication, the Aptos mainnet is only handling about 16 TPS, though it’s notably higher than the 4 TPS witnessed when its mainnet first launched three days prior.On its first day of listing on Binance, the APT/USDT pair traded as high as $100 and as low as $1 before stablizing at around $7 levels. 

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Report: Half of all DeFi exploits are cross-bridge hacks

Report: Half of all DeFi exploits are cross-bridge hacks

Uverejnil používateľ | okt 19, 2022 |

According to a new report by crypto data aggregator Token Terminal, approximately 50% of exploits in decentralized finance, or DeFi, occur on cross-chain bridges. In two years’ time, more than $2.5 billion have been stolen by hackers from exploiting vulnerabilities on cross-chain bridges. The amount is enormous comparison to other security breaches, such as DeFi lending hacks ($718 million) and decentralized exchange exploits ($362 million) in that period.  Bridge exploits account for ~50% of all DeFi exploits, totaling ~$2.5B in lost assetsThese hacks can typically be attributed to smart contract loopholes (e.g. Wormhole & Nomad) or compromised private keys (e.g. Ronin & Harmony).What will it take to create secure bridges? pic.twitter.com/LrVf0W0zeK— Token Terminal (@tokenterminal) October 18, 2022Cross-chain bridges, which allow users to port digital assets from one chain to another, are known for their ability to solve multi-chain scaling issues. However, their complexity to build and subsequently audit, combined with massive amounts of funds locked in their smart contracts, has attracted much attention from hackers.Security experts, such as Immunefi’s CEO Michael Amador, explain that some developers in the DeFi space are simply lacking the necessary knowledge to build such complex mechanisms:”Many developers launch projects by simply copying and pasting code from other projects. When one of these projects has a vulnerability, others usually have that vulnerability as well. Open source smart contracts, being visible and accessible to all, can easily attract blackhats who study them, discover where they’re vulnerable, and exploit them.”It also appears that the vast majority of the cross-change exploits happened thus far took place on Ethereum Virtual Machine (EVM) blockchains. This includes this year’s most serious incidents such as the Axie Infinity Ronin bridge hack, the Wormhole token bridge hack, and the Nomad bridge hack. Meanwhile, cross-chain bridges based on the Cosmos Interblockchain Communications protocol (IBC), which has surpassed $1 billion in total value locked, have largely avoided the spearhead of the attacks. Although, last week, Cosmos co-founder Ethan Buchman said that a major security vulnerability was discovered on IBC after security audits. The exploit has been patched, and no funds were lost as a result of the incident. 

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There were vast discrepancies in crypto markets during Q3: Report

There were vast discrepancies in crypto markets during Q3: Report

Uverejnil používateľ | okt 19, 2022 |

According to a new report published by cryptocurrency data aggregator CoinGecko, several interesting anomalies surfaced in cryptocurrency markets during the third quarter. Although the digital asset industry witnessed heavy sell-offs earlier this year, its overall market cap increased by around $100 billion compared to Q2.While in the past, crypto bear markets have largely decoupled from stock performance, coins and tokens traded almost in exact tandem with the U.S. S&P500 Index in Q3. The correlation coefficient, which ranges between 0 and 1, for the performance of the S&P500 versus cryptocurrencies stood at 0.85 in the said time period. Additionally, even though Bitcoin’s value saw a 1% drop during Q3, it actually outperformed every single asset class aside from the U.S. Dollar Index, which measures the exchange rate of a basket of foreign currencies compared to the U.S. Dollar. During times of economic uncertainty, investors worldwide typically flood to safe-haven assets such as the U.S. Dollar and the Swiss Franc. However, stablecoins, which are mostly pegged to the U.S. Dollar, saw their circulation plummet by $4.7 billion in Q3.One factor behind the plunge appears to be that of the OFAC’s sanction on cryptocurrency mixer Tornado Cash which made it a criminal offense for U.S.-based stablecoin issuers and users to interact with the service. Thirdly, total market capitalization in decentralized finance, or DeFi, applications increased by 31.3% quarter-over-quarter to $24.5 billion. There was a system-wide rebound across all verticals except in the realm of asset management. This did not come as a surprise, as a few months prior, the implosion of centralized finance firms interacting with DeFi applications, such as Celsius and Three Arrows Capital, ignited a widespread bear market. Finally, the total trading volume of nonfungible tokens, or NFTs, saw a 77.4% quarterly plunge from Q2 to Q3. At the same time, the number of wallets that ever owned an NFT increased by a staggering 1 million in Q3. Some in the crypto community have recently started to call the bottom on the market turmoil. 

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Report: India ranks third in the world in terms of Web 3.0 workforce size

Report: India ranks third in the world in terms of Web 3.0 workforce size

Uverejnil používateľ | okt 19, 2022 |

According to a new study published by the National Association of Software and Services Companies (NASSCOM), a non-profit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web 3.0 talent. The figure makes India the world’s third largest regarding its Web 3.0 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years.India is also home to 450 Web 3.0 startups, four of which are unicorn companies. Through April 2022, the Indian Web 3.0 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web 3.0 startups have expanded their footprints outside of the country.The vast majority of firms listed in the study are building applications in decentralized finance, gaming nonfungible tokens marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, and so on.Within the next few years, the NASSCOM remains optimistic about Web 3.0’s growth outlook in the country, stating that it expects the number of Indian internet users to increase by 150 million and 5G users in India to increase to 500 million. Debjani Ghosh, president of the NASSCOM, commented:”India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach towards blockchain tech, with use cases being explored in areas ranging from health & safety, finance, enterprise tech, and land registry to education.”

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