Značka: NEAR protocol

Skyward finance exploit allegedly results in $3 million loss

Skyward finance, an IDO platform enabling fair token distribution for projects on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, worth an estimated $3 million USD at time of publication. The news was shared on Twitter by Aurora Lab’s community moderator Sanket Naikwadi, who stated that the exploit was first noticed by a member of the NEAR protocol community, who goes by the handle @Nearscout. The @skywardfinance was just exploited for ~1.1M $NEAR Tokens (Worth ~3M) . Thnx to @NearScout for noticing the treasury drain, he pinged me asking if something is wrong with skyward… then we looked into contract txns and found out about the exploit and sus txns.smol — SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 2022According to the series of tweets on the exploit, Ref finance — a community-led multi-purpose DeFi platform built on the NEAR Protocol — and the Skyward team have been notified of the drain. The exploiter reportedly initiated the drain by buying lots of skyward tokens on Ref Finance, and “then redeemed it through Treasury on Skyward Finance.”, where they appear to have “got lots of NEAR than what 1 SKYWARD was worth”.Naikwadi cautioned SKYWARD Token holders to redeem or swap their tokens wherever they can, and no longer interact with Skyward Finance, adding that the “Hacker has already withdrawn NEAR to lots of different wallets.”If you’re a SKYWARD Token holder redeem/swap wherever you can and no longer interact with Skyward Finance.Hacker has already withdrawn NEAR to lots of different wallets.Huge shoutout again to @NearScout.also, Shoutout to @pikespeak_ai , it helped a lot in identifying the txns— SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 2022

Related: Barely halfway and October already the biggest month in crypto hacks: Finance Refined Exploits within the Defi ecosystem appear to be on the rise. Blockchain analytics firm Chainalysis recentlylabeled October 2022 as “the biggest month in the biggest year ever for hacking activity.”On Oct 12, Cointelegraph reported that $100 million worth of cryptocurrency was drained from Solana-based decentralized finance (DeFi) exchange Mango Markets, resulting in its token plunging by 52%. On the same day of the Mango Market’s exploit, TempleDAO was also exploited for $2 million.

Čítaj viac

Near Foundation sets up $40M fund to bail out USN investors in case of collapse

Near Protocol’s in-house stablecoin, USN, recently became undercollateralized, forcing Near Foundation to recommend winding down USN to prevent a situation similar to the Terra (LUNA) and UST collapse. Supporting this move, the Near Foundation opened up a $40 million fund to protect investors and help them cash out of USN with equal amounts of wrapped Tether (USDT.e).On Oct. 24, Near Foundation revealed setting up a $40 million fund, allowing eligible USN holders to redeem their USN tokens on a 1:1 basis with USDT.e. The program was launched after Decentral Bank (DCB), the issuer of NEAR-native stablecoin USN, raised concerns about the stablecoin depegging due to algorithmic failure.In response to a recent issue with USN, the @NEARFoundation is funding a protection Programme to safeguard USN holders.More details below https://t.co/NDMZUO2Wim— NEAR Protocol | Create Without Limits (@NEARProtocol) October 24, 2022The USN Protection Program aims to cover the collateral gap of $40 million, which the foundation confirmed was not linked to the NEAR token price. Taking proactive measures to protect investors from a possible collapse, Near stated:“The NEAR Foundation is recommending that DCB wind down USN in an orderly manner. To assist with this process, the NEAR Foundation has provided a $40m USD grant to a subsidiary of Aurora Labs – one of the NEAR ecosystem’s most prominent contributors – to set up the USN Protection Programme.”The grant was provided to an Aurora Labs subsidiary and was immediately made available for users to exchange their depegged stablecoin tokens. However, redemptions will begin only after DCB commences the winding down process. According to DCB, USN tokens were no longer algorithmic after the initial algorithmic version of USN (v1) was upgraded to v2 — making the stablecoin “susceptible to undercollateralization during extreme market conditions.” While the eligibility criteria for investors were not disclosed, Near confirmed that the drive will remain active for one year until 24th Oct. 2023. Furthermore, Near announced plans to set up a stablecoin-centered funded initiative that prevents collateralization-related issues to safeguard the investors from such catastrophes.Near Foundation has not immediate responded to Cointelegraph’s request for comment.Related: Inflation-pegged ‘flatcoin’ launches testnet to track the cost of livingThe Acting United States Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg recently discussed stablecoin use cases in relation to the FDIC’s approach to banks considering engaging in crypto-asset-related activities.While Gruenberg raised concerns about the ever-evolving use cases and business models of crypto-assets, the FDIC confirmed its efforts to gather crucial information to aid it in comprehending and eventually providing supervisory feedback on crypto assets.

Čítaj viac

NEAR Protocol partners with Google Cloud to support Web3 devs

NEAR Foundation has announced a new partnership between Google Cloud and NEAR Protocol, providing infrastructure to NEAR’s Web3 startup platform, Pagoda. According to an Oct. 4 announcement, this partnership will allow Google Cloud to provide “technical support” to NEAR grant recipients by providing infrastructure for NEAR’s Remote Procedure Call (RPC) node provider to Pagoda. Near Protocol is a decentralized application (DApp) platform that focuses on usability among developers and users. It uses sharding technology to achieve scalability and, as a competitor to Ethereum, is also smart-contract capable and a proof-of-stake (PoS) blockchain.Launched in Feb. 2022, Pagoda is a startup platform that provides Web3 developers building on NEAR with a full-stack toolset to build, launch and maintain their Web3 projects or DApps on the blockchain. In a statement, Google Cloud Director of Digital Assets Carlos Arena said his company’s infrastructure will allow NEAR developers a means to “build and scale,” and said the company will continue to support “new products and services on blockchain-based platforms.”Related: Lesson learned? Sky Mavis teams up with Google Cloud to avoid another Ronin hackIn September, Google Cloud inked a similar partnership with Binance’s smart contract blockchain platform BNB Chain, allowing startups that are building products and services on the BNB Chain blockchain to also be able to build on Google Cloud’s scalable, secure and open source infrastructure.Google Cloud launched a new digital assets team in January to support the development and evolution of the blockchain ecosystem. The digital asset team is focused on helping Google Cloud’s customers create, trade store value and launch new products on blockchain-based platforms.

Čítaj viac

Tether USDT stablecoin goes live on Near Protocol to boost DeFi presence

Major stablecoin issuer Tether Operations Limited continues expanding integrations with diverse blockchain networks, launching the Tether (USDT) stablecoin on the Near Network.Tether USDT is now live on the Near Network, a smart contract-enabled blockchain platform designed for decentralized applications, Tether officially announced on Monday.The integration of Tether into the Nea ecosystem is a major milestone in the firm’s commitment to increase its presence in decentralized finance (DeFi) ecosystems, the firm said. “It will alleviate the potential adverse effects associated with market volatility and accelerate scalability for its users,” the announcement added.The Nea Network is the eleventh blockchain that is currently available for Tether USDT. The stablecoin is now also live on chains like Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron and Bitcoin Cash’s Standard Ledger Protocol.Launched in 2014, Tether was originally launched and issued on the Bitcoin (BTC) blockchain via the Omni Layer protocol, a solution used for building and trading digital assets on top of Bitcoin.The addition of Near Network to the Tether’s ecosystem comes amid Near hitting a major milestone of 700 projects now building on Near, including the Aurora Network and the Octopus Network. As of July, the Near network’s daily volumes averaged between 300,000 to 400,000 transactions.Related: Tether responds to Wall Street Journal ‘disinformation’The Near Foundation also announced on Monday the launch of a $100 million venture capital fund and venture lab targeting Web3 development. The Swiss nonprofit launched the VC fund in cooperation with Caerus, a newly launched investment firm founded by IMG vice president Nathan Pillai.“The NEAR ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,” Tether chief technical officer Paolo Ardoino said.

Čítaj viac

20 million JavaScript devs can now build applications on NEAR: KBW 2022

20 million JavaScript developers will now have the ability to write blockchain smart contracts and build applications on the NEAR Protocol, after rolling out JavaScript Software Development Kits (JS SDKs) on Monday. Speaking with Cointelegraph at the Korea Blockchain Week (KBW) on Aug. 9 (local time), NEAR founder Illia Polosukhin emphasized that the move will open up the niche field of blockchain development to a substantially broader audience: “There’s about 20 million JavaScript developers in the world. Probably like every developer one way or another wrote JavaScript in their life. And what we allow you to do is to write smart contracts in JavaScript.”“Before we had Solidity so for Ethereum and other Layer 2s, we had Rust, which is what Solana and Near are mainly. And so Solidity has probably 100,000 developers who are familiar with it, and those who are active is even less. There is even less probably in Rust,” he added.In an Aug. 8 announcement shared with Cointelegraph, NEAR outlined that the JS SDK includes the “contract framework itself, JavaScript and TypeScript contract examples and tests.” Polosukhin went on to note that the JS SDKs could be utilized by anyone from students looking to dip their toes into the blockchain, to people in the commercial sector looking to accelerate their projects. “A student can build an app without needing to learn new languages without needing to learn new skills. It will also be easier for entrepreneurs to hire [devs], so they can actually build teams stronger, faster, and deliver products faster,” he said, adding that: “So kind of the idea from Near is to build a very extensible and powerful system that allows developers to build really anything from simple apps to very complex apps.”Questioned on whether the JS SDKs will be Ethereum Virtual Machine Compatible given that NEAR is an Ethereum competitor, Polosukhin stated that the offering will run specifically on Near, but that it is possible to create EVM compatible smart contracts from the SDK, much like how EVM compatible scaling Aurora was created on NEAR. Related: Korea Blockchain Week, Aug. 8: First-day takeaways from the Cointelegraph teamNEAR is a decentralized application (dApp) platform launched in April 2020 that is designed to be developer and user-friendly. Its native token NEAR is currently the twenty-fourth largest crypto asset in terms of market cap at $4.1 billion. The asset is priced at $5.44 at the time of writing and is up a notably 42.8% over the past 30 days according to CoinGecko.

Čítaj viac

Near Protocol picks up slack, onboards Tracer following Terra's downfall

For many Level 1 crypto projects, returning to normalcy from Terra’s death spiral meant a complete migration to a different ecosystem. But how does one make the right move, especially after knowing the unfortunate fate of their initial platform of choice?In the case of Tracer, a Web3 fitness and lifestyle app, moving away from the Terra (LUNA) ecosystem for survival was just one piece of the puzzle. Choosing a new host to build on requires more than checking the technical compatibility with the blockchain ecosystems. As explained by Near Foundation’s (NEAR) Nicky Chalabi, projects like Tracer seek alignment with the ecosystem’s core values that can support the company’s roadmap in time to come. Tracer’s decision to completely migrate over to Near Protocol complements the various other crypto projects that have recently shifted over to Binance’s BNB Chain (BNB) and Polygon Studios. Speaking to Cointelegraph about the decision-making process behind a total migration, Chalabi suggested:“Projects must watch the interests of their community and users because, in the end, that’s the most valuable thing you have.”Coincidently, Tracer and Near used the same programming language for building smart contracts, which further eased the migrating process. However, Chalabi echoed the sentiments of the crypto community by stressing the fact that Terra’s downfall was a loss for the entire community:“We’re really trying to help. It’s not our goal to take advantage of this situation. You’ve [projects] have lost your [their] home.”The sudden collapse of major ecosystems negatively impacts the trust and credibility of projects as investors tend to make unrecoverable losses in the process. As damage control, Near allocates resources to understand the project’s needs, work with the projects, and immediately address any issues. Other ecosystems, too, have taken a similar approach in easing the transition for the recently displaced projects. As Cointelegraph reported, BNB Chain is also committed to investing and supporting projects that intend to migrate away from the Terra ecosystem.In concluding the discussion, Chalabi advised the recently displaced projects to migrate to blockchains based on the interests of their users and communities instead of choosing platforms for short-term monetary gains, stating “That can actually define your success.”Related: Aurora launches $90M fund to finance DeFi apps on Near ProtocolAurora, an Ethereum Virtual Machine (EVM) designed to scale decentralized applications (DApps) built on the Near protocol, recently launched a token fund worth $90 million. As Cointelegraph reported, Aurora Labs allocated 25 million AURORA tokens, valued at roughly $90 million, from the DAO treasury to fund the initiative.

Čítaj viac

NEAR developers to get seamless Web3 app deployment with Pocket Network

Pocket Network, a relay infrastructure middleware protocol, announced a service integration to improve the network bandwidth of NEAR blockchain while enabling faster deployment times for Web3 developers.According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Fuse, Avalanche, Harmony and Polygon. In addition, by having integrations with multiple blockchains, NEAR developers can overcome concerns regarding single points of failure due to bottlenecks or other service disruptions.Pocket Network aims to accomplish 100% up-time for projects via a globally distributed network of over 47,000 full nodes that service Web3 applications across 46 blockchains. Pocket Network aims to bring about revenue generation opportunities for full-node operators by offering payments in its in-house token Pocket Network (POKT) for servicing traffic across the network. “It’s a win-win-win scenario for NEAR apps, NEAR nodes and the Pocket Network protocol,” noted Michael O’Rourke, co-founder and CEO of Pocket Network.With Pocket Network’s integration autonomously allocating bandwidth and relays, the NEAR ecosystem is expected to witness reduced friction when connecting decentralized applications (DApps) via Pocket Portal, a layer-2 product on top of the Pocket Network protocol. Speaking on the development, Cameron Dennis, head of ecosystems at NEAR Foundation stated:“I’m thrilled NEAR developers will now have the opportunity to choose between Pocket Network’s decentralized network of RPC endpoints and other centralized solutions.”Related: Polygon and others extend helping hand to Terra blockchain projectsIn an attempt to revive Terra’s fallen developer community, numerous popular blockchains including Polygon and Fantom offered a helping hand in assisting them to migrate their services to other chains.We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon.We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.We will be sharing more soon.— Ryan Wyatt (@Fwiz) May 15, 2022According to Polygon Studios CEO Ryan Wyatt, The Polygon community “is ready to welcome the developers and communities of these Terra projects.”Any Terra Luna projects out there looking for a new chain, please PM us.Fantom’s uptime is 100%, fast, low-cost, and reliable, with a great community.Can assist with a grant program, integration, marketing, and connections.#terra #Terra_Luna #Luna— Fantom Foundation (@FantomFDN) May 15, 2022

Layer-1 blockchain project Fantom, too, extended its support to the Terra community by promising to assist any project or developer who desires to move away from Terra blockchain.

Čítaj viac
Načítava

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy