Hacker Receives Jail Time For Crypto Theft
A woman in Australia will go to jail for the theft of more than 100,000 Ripple digital currency tokens over two years ago, ACS Information Age reported.
The 25-year-old individual gained access to the digital currency account belonging to a man in his 50s. After changing the two-factor authentication, the individual moved a cache of digital currency to a foreign exchange. The crypto was then converted to bitcoin and moved into a number of locations. The individual will be eligible for parole next fall.
Authorities raided the individual’s residence in 2019 and confiscated electronic devices in addition to funds. They started their probe into the individual following a report that the victim could not access his exchange account.
In other news, Coinbase has left the Blockchain Association, an industry advocacy organization, The Block reported.
Coinbase announced it was leaving the group, which is based in the nation’s capital, in a letter dated Aug. 11. The letter does not specifically mention Binance.US, but The Block reported that some believe the departure was connected to the exchange gaining entry to the organization.
Hermine Wong of Coinbase wrote in the letter, “It is with considerable disappointment that I am tendering my resignation from the Board of the Blockchain Association, effective immediately,” according to the report.
Wong noted that the “resignation also serves as notice of Coinbase’s withdrawal from the Blockchain Association,” The Block reported.
Meanwhile, blockchain company Alchemy is making its offerings available to developers or firms seeking the infrastructure to create innovations based on smart contracts, Bloomberg reported.
Clients had to previously ask to harness the company’s technologies for software creation. The company, which Joe Lau and Nikil Viswanathan started in 2017, fuels seven out of 10 of the leading Ethereum applications. Will Smith and Jay Z, among other celebrities, back the company.
The firm works to assist in making a decentralized finance (defi) business model in which apps have their instructions spread throughout different computers globally.
Author: News Bureau
Ethereum Transaction Fees Are Going Parabolic as DeFi Continues Ascent
Ethereum transaction fees have continued to surge as decentralized finance (DeFi) has continued its ascent to the crypto mainstream. Fees are getting so high that there are many starting to assert that solutions are necessary, lest Ethereum loses market share to other smart contract blockchains by crowding out a retail audience.
On Tuesday, five developers rolled out the latest craze in DeFi: Yam.finance, whose native token is YAM. The protocol is an experimental platform that is attempting to bring together the DeFi concepts of “yield farming,” governance, and price elasticity. As the blog post announcing this project reads:
“Yam is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance. Built by a team of DeFi natives, it features: an elastic supply to seek eventual price stability, a governable treasury to further support stability, fully on-chain governance to enable decentralized control and evolution from Day 1, and a fair distribution mechanism that incentivizes key community members to actively take the reins of governance.”
As abstract as this may sound, the launch of Yam has sent Ethereum users into a frenzy. Along with pushing the prices of DeFi assets up by 20-40% in a single day, Yam has caused immense congestion in the Ethereum blockchain.
This writer shared the tweet below on August 12th, indicating how far the fee situation has developed.
According to data from ETH Gas Station as of the time of my tweet, the gas price to send a “fast” transaction was 277 Gwei. This is a value of around 2,500% higher than it was at the start of the year.
This means that to send ETH from wallet to wallet, it would cost around $2.25; $5 to send ERC-20 tokens from wallet to wallet; $10 to trade coins on Uniswap, and much more if you deal with more complex transactions.
Wow… seems that🍠is having quite the effect on Ethereum transaction fees.
“Fast” recommended gas price: 277 Gwei.
That’s $2.25 to send ETH, ~$5 to send ERC-20s, $10 to trade on Uniswap, and more if you intend on doing more complex transactions. pic.twitter.com/kk6dhUItD9
— Nick Chong (@n1ckchong) August 12, 2020
This is arguably the highest fee era Ethereum has ever faced due to the implementation of increasingly complex transactions for DeFi platforms.
With the ongoing fee dilemma, there are many calling for scaling solutions. Qiao Wang, a former head of product at Messari, recently commented:
“I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”
I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX. https://t.co/vXAAFET3YK
— Qiao Wang (@QWQiao) June 28, 2020
Ethereum developers are currently working on solutions like EIP-1559, Rollups, and ETH2.
Ethereum DEX Trading Reached Half A Billion In A Day
Ethereum DEX trading has just reached half a billion in one day as it is growing rapidly with more than $13 billion for the year so far. Following the latest Ethereum news, we find out more today.
Decentralized exchanges are booming this year with more than $420 million in volume in the past day. More than $13.5 billion in volume passed through DEX so far while less than $3 billion were traded in all of 2019. Uniswap captured more than half of the DEX volume clearing the $1 billion in July and more than that in August. Decentralized exchanges processed more than $420 million in trading volume over the past day according to the data by Dune Analytics which is a recorded growth of 20%.
We’ve pushed a major overhaul of https://t.co/ifsecZBNmz
DEX volume for 2020 so far $3,6B – up 50% from the 2019 total. March saw $1B alone
More stats are now included
Under the hood, there’s massive news for all Dune query writers out there
Lil thread pic.twitter.com/LfMRCt4qtj
— Dune Analytics (@DuneAnalytics) June 10, 2020
The recent increase in Ethereum DEX trading volume saw more than $4.4 billion in value traded in July with more than $3.1 billion captured less than half of the month of August. $420 million in one day is more than the DEXs pulled in an entire month back in 2019 and the $4.4 billion for the month of July which is more than the decentralized exchanges have managed to generate for all of 2020. The figures demonstrate that decentralized finance applications are now taking a hold offering interesting user experiences and unique trading strategies in spite of the huge transaction fees on the ETH network.
Decentralized Exchanges use smart contracts to allow users to swap between crypto-assets using reserves of tokens that are locked in the protocol by the liquidity providers. Swaps are executed on the ETH blockchain allowing users to avoid hurdles such as Know-your-customer verifications and relinquishing custody of their coins to an exchange wallet that can be easily hacked. Liquidity providers are rewarded with the transaction fees that will be funneled to owners and executives at centralized exchanges.
Some DEXs such as 0x, have been around since 2017, during the ICO craze and therefore they saw a little adoption of the protocols. Less than $3 billion in value was transacted and 2020 has already seen more than four times that amount. By far, the most popular decentralized exchange was Uniswap that had its upgrade in May. Uniswap saw a volume of more than $1.7 billion in July and $1.5 billion in August.
Author: By TeamMMG