Autor Cointelegraph By Zhiyuan Sun

First cross-chain governance proposal passes on Aave

First cross-chain governance proposal passes on Aave

Uverejnil používateľ | feb 1, 2022 |

On Monday, the first cross-chain governance proposal passed on decentralized finance, or DeFi, borrowing and lending platform Aave (AAVE). According to DeFi Llama, the amount of total value locked on Aave is approximately $12 billion. As told by its developers, a proposal executed on Aave, which is built on the Ethereum (ETH) network, was sent to the Polygon (MATIC) FxPortal. The mechanism then read the Ethereum data and passed it for validation on the Polygon network. Afterward, the Aave cross-chain governance bridge contract received this data, decoded it and queued the action, pending a timelock for finalization. The development team wrote:The Aave cross-chain governance bridge is built in a generic way to be easily adapted to operate with any chain that supports the EVM [Ethereum Virtual Machine] and cross-chain messaging.1/ The first cross-chain governance proposal has successfully updated the Aave Polygon Market! This proposal from @aavegotchi is a major step forward in multi-chain governance systems✨ New assets listed include GHST, BAL, CRV, DPI, LINK, & SUSHIA thread on this proposal:— Aave (@AaveAave) January 31, 2022Currently, the repository supports contracts bridging to Polygon and Arbitrum. On Aave, users can submit Aave Improvement Protocols, or AIPs, to target various features on the DeFi platform. In one instance last October, Gauntlet Network submitted an AIP to disable the borrowing functions for xSUSHI and DeFi Pulse Index tokens and an automated market maker liquidity provider token pair, citing alleged security vulnerabilities. The proposal passed with 710,327 votes in favor four days after submission. While some blockchain enthusiasts took to social media to celebrate the technological milestone, not all stakeholders are fans of cross-chain developments. Last month, Vitalik Buterin famously gave the thumbs down to cross-chain applications, citing irreversible breaches should a 51% attack occur on one network amidst cross-chain transactions. In addition, the Ethereum co-founder warned that the scaling of cross-chain applications could also scale vulnerabilities, as hackers can cause system-wide contagions by launching 51% attacks on just one network, especially against small-cap ones.

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$1B worth of ETH burned in the past 30 days due to record high OpenSea NFT transactions

$1B worth of ETH burned in the past 30 days due to record high OpenSea NFT transactions

Uverejnil používateľ | feb 1, 2022 |

According to blockchain data from Nansen Analytics on Tuesday, over $1.096 billion worth of Ethereum (ETH) has been burned in the past month. With the introduction of the EIP-1559 last August, a portion of fees is taken out of circulation for every transaction that occurs on the Ethereum blockchain. While sending and receiving ETH does not cost much, higher-level tasks, such as minting nonfungible tokens, or NFTs, via smart contracts, cost far more gas.In January, the total volume of NFT transactions on OpenSea hit an all-time high of $3.5 billion. It currently ranks No.1 on a burn leaderboard compiled by Ultra Sound Money, with 65,778 ETH ($181.7 million) burned in the past 30 days. In second and third place were token burns from Ethereum transactions and factivity on decentralized exchange Uniswap (UNI), numbering 35,696 ETH ($98.6 million) and 24,223 ETH ($66.9 million), respectively.However, Ethereum is still an inflationary blockchain network; the current issuance of 5.4 million ETH per year surpasses 3.5 million ETH burned. The supply of ETH will peak only after the removal of its proof-of-work mechanism via its transition to proof-of-stake, or PoS.Once that happens, the total amount of new emissions will be less than that of token burns, resulting in a net deflationary network. The PoS transition, dubbed “the merge,” will occur in the second or third quarter of this year. Before that, however, the network’s total hash rate has still managed to reach a new all-time high. The Ethereum Foundation recently ditched the Eth 2.0 name in its rebrand. It is now called the consensus layer.

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Report: Bitcoin mining network accounts for 0.08% of world's CO2 production

Report: Bitcoin mining network accounts for 0.08% of world's CO2 production

Uverejnil používateľ | jan 31, 2022 |

In a new report published by CoinShares on Monday, the firm estimated that the Bitcoin (BTC) mining network emitted 42 megatons, or Mt, (1Mt = 1 million tons) of carbon dioxide, or CO2, in 2021. In context, the number amounts to less than 0.08% of the world’s total emissions of 49,360 Mts of CO2 in the same year. CoinShares came to such figures using a variety of estimates regarding the efficiency of the Bitcoin network, its energy use, hardware, etc., on a global scale. As a result, it may not reflect the actual CO2 emission of the network. But the report’s estimate of worldwide CO2 emission is mainly in-line with industry figures.In addition, the report estimates the total electricity consumption of the Bitcoin network at 89 terawatt-hours (TWh), which is far lower than that of estimates put forth by an institution such as the University of Cambridge. It is especially the case, given that the Bitcoin network’s hash rate has reached new all-time highs. That said, electricity consumption alone is not a true contextual measure of the Bitcoin network’s environmental impact. This is because global CO2 emissions come from many aspects, such as private automobiles, for starters.The report sheds light on a growing debate regarding the environmental impact of Bitcoin mining. For example, influencers such as Elon Musk have rescinded their adoption of Bitcoin for business use in the past due to energy use concerns. The CoinShares report suggests that approximately 60% of Bitcoin’s mining activity comes from fossil fuels, which is on the far lower bound of industry’s estimate, as some have put the metric at a mere 25%. However, if the report’s claims are accurate, it shows Bitcoin’s overall environmental impact to be negligible from a worldwide standpoint. 

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VanEck launches its first multi-token cryptocurrency fund

VanEck launches its first multi-token cryptocurrency fund

Uverejnil používateľ | jan 31, 2022 |

On Monday, VanEck, a financial institution with close to $82 billion in assets under management with exchange-traded funds, or ETFs, mutual funds and institutional accounts, announced the launch of its first cryptocurrency fund. The fund is listed as an exchange-traded note, or ETN, on the Deutsche Borse Xetra and SIX Swiss exchanges with exposure to Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), Tron (TRX), Avalanche (AVAX) and Polygon (MATIC).Gijs Koning, co-head of VanEck Europe, elaborated on why it was important for the firm to facilitate investment in digital currencies:”In early 2017, we determined that digital assets could provide a store of value alternative to currencies and gold, as well as a host of technology solutions that could bring down costs in the payments and investing industries.”While VanEck’s cryptocurrency financial products are gaining traction in Europe, they face regulatory hurdles in the U.S. There, the firm’s offerings are limited to private digital currency funds for institutional investors and only stock-based ETFs comprised of companies utilizing blockchain technology.Last November, the U.S. Securities and Exchange Commission rejected VanEck’s Bitcoin spot ETF application. In explaining the decision, the regulatory agency cited that the underlying exchange responsible for listing the ETF, Cboe BZX, did not have a proper “surveillance-sharing agreement with markets trading the underlying assets [of Bitcoin].” The SEC then used the same rule to reject Fidelity’s Wise Origin Bitcoin Trust spot ETF the week prior. Two ETFs, the ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF, received SEC approval partly because they track the price of regulated Bitcoin futures contracts, and not its spot price derived from averages of numerous exchanges.

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Blockchain enthusiast allegedly losses $500k by sending WETH to contract address

Blockchain enthusiast allegedly losses $500k by sending WETH to contract address

Uverejnil používateľ | jan 31, 2022 |

In a now-deleted deleted profile, an anonymous Reddit user allegedly lost close to $500 thousand on Sunday after sending wrapped Ether (WETH) directly into a WETH wrapping smart contract. WETH came into existence as a way for Ether (ETH) to conform to the ERC-20 token standard so that it can be traded directly with altcoins minted on the Ethereum blockchain.To wrap Ether, users first send ETH to the WETH smart contract address and receive an equivalent token in return. However, to unwrap WETH, users must either swap for ETH on a decentralized exchange like Uniswap (UNI) or call the withdrawal function in the WETH smart contract. Instead, the anonymous Reddit user sent the WETH directly back into the WETH smart contract address in the hopes of receiving ETH back. Unfortunately for the user, this process is the equivalent of “token burning” and resulted in an irreversible loss of the trader’s crypto.While the user’s identity is no longer available on Reddit, the transaction still appears on Etherscan, showing that 195.2 WETH ($501,358) was sent to the WETH smart contract at the time of publication contract and therefore lost forever. Most Reddit members were sympathetic with the trader, with u/0150r writing:”Losing a half-million dollars worth of crypto by mistake is something that needs to be addressed before crypto can become mainstream. When it’s this easy to lose everything, there’s no way your grandma is going to be using it.”However, others pointed out that the original poster should have done far more to research the technology before using it, with u/jadecrystal writing:”No, you don’t need to design the technology, but if you don’t have a basic grasp of … a microwave oven, a car’s starter, engine, and steering column… or public key crypto and blockchain addresses, this is what happens.”

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