A recap of notable news from the week.
Recapping the Week in DeFi
Cryptocurrency never sleeps, and neither does crypto news and content. Because of this constant stream of information, it’s difficult for investors to keep track of the most notable news. In this weekly recap, BSC News shares some of the most exciting stories and breaking news events of the week to help you stay up-to-date on all things DeFi.
Battle of the Dapps 5.0 Winds up with Venus as the New King of the Dapps
The latest edition of the exciting Battle of the Dapps wrapped up earlier in the week, with Venus claiming the title of King of the Dapps. The leading Money Market on BNB Chain left it late to emerge winners over strong competition in RealFevr and Cryptopolis in a grand finale that witnessed a consecutive sudden death round.
Learn how it all went down in this article.
The Ayes Have It: Uniswap V3 to Deploy on BNB Chain
Although its votes accounted for about half of the “Nays”, A16z’s size was not enough to thwart the approval of the proposal to deploy Uniswap v3 on BNB Chain. Now we can worry about the Battle of the DEXes on BNB Chain!
Find more details on the proposal and the emerging Battle of the DEXes here.
Core DAO Airdrop Goes Live, Staking Opens
The wait is over for Core enthusiasts! Core DAO finally rewarded its users by launching the highly anticipated airdrop on February 8. Users can now claim via the official Core DAO website using mobile or PC. Core staking is also available for users.
Get all the details here.
Trader Joe Integrates With LayerZero to Launch Omnichain JOE Token
The now “multichain” DEX has been dishing out a series of updates in recent weeks, with the latest being an integration with LayerZero Labs to launch the native token $JOE as an Omnichain Fungible Token (OFT). This integration allows $JOE to be bridged across multiple blockchains without “wrapping”.
Check out what it means in this article.
CZ Takes Cue From Vitalik, Binance Improves PoR With zk-SNARKs
With the goal of improving the transparency of the leading cryptocurrency exchange and ensuring the privacy of users, Binance has upgraded its Proof of Reserves (PoR) reporting by implementing zk-SNARKs.
Learn more about the implementation here.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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