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OKX drops 1:1 Bitcoin token called xBTC on Solana, Sui, and Aptos blockchains, and this move is creating quite a buzz in the crypto community right now. The exchange has launched this Bitcoin token security innovation that provides complete collateralization while enabling participation in DeFi cross-chain solution ecosystems. The launch eliminates traditional barriers and offers low transaction fees crypto access across multiple Solana blockchain token environments. Also Read: De-dollarization: Trump’s 10% Tariffs Fuel Fragile US Dollar Future in Asia Unlock DeFi Cross-Chain Solutions With Low Fees And Enhanced Bitcoin Token Security Source: MSN Complete 1:1 Bitcoin Backing System Because OKX values xBTC at $1 for every 1 Bitcoin in custodial accounts, it differs from most other types of stablecoin projects. Anyone can independently confirm the availability of reserves in this system by viewing the proof of reserves at any time. Unlike how many banks operate, DeFi’s cross-chain approa...

The Power of DeFi to Drive Positive Change! The rise of Decentralized Finance (DeFi) has revolutionized the way people interact with financial services, offering a transparent, permissionless, and global alternative to traditional banking. DeFi is more than just a financial trend—it’s a movement that is reshaping economies, empowering individuals, and driving real-world impact. Empowering Financial Inclusion One of the most significant advantages of DeFi is its ability to bank the unbanked . Over a billion people worldwide lack access to traditional banking, leaving them without essential financial tools. DeFi eliminates this barrier by providing access to borderless financial services through blockchain technology. Anyone with an internet connection can participate, regardless of their location or economic status. Reducing Dependence on Centralized Institutions Traditional banking systems often involve intermediaries that increase transaction costs and limit accessibility. DeFi ...

Phantom, a multi-chain crypto and non-fungible token wallet services provider, has raised $150 million in a series C funding round. Phantom’s successful fundraising shows that individual investors, businesses, and institutions have regained confidence in the crypto market and are now willing to invest again in the nascent crypto sector. Previously, investors suffered Fud over poor performance and a lack of proper regulatory framework, which the upcoming US President Trump has vowed to restore. Phantom Raises $150M In Series C Funding Round In a January 17 blog post, Phantom confirmed that it had raised $150 million in a Series C funding round. The initiative was led by venture capital firms Sequoia Capital and Paradigm. The funding round also attracted the participation of Andreessen Horowitz (A16z) and Variant. The Series C funding round was sealed at a valuation of $3 billion, over two times the company’s previous valuation. We're thrilled to share we've raised a $150M...

A ‘periphery’ contract of the decentralized finance (DeFi) sector’s biggest lending platform, Aave, was hacked for a total of $56,000 earlier today. Aave, which contains assets worth over $11 billion according to data from DeFiLlama, has made clear that the attack, which began, around 04:30 UTC placed no user funds at risk. Founder Stani Kulechov and governance delegate Marc Zeller both took to X (formerly Twitter) to reassure users. A periphery contract of @AAVE is hacked due to an arbitrary call/logic error. Most user funds are SAFU pic.twitter.com/WXa0w64n0c — Chaofan Shou (@shoucccc) August 28, 2024 Read more: Compound DAO asleep at the wheel as $25M governance ‘attack’ passes Fuzzland’s Chaofan Shou identified the cause of the hack, pointing to transactions on four networks: Ethereum, Aribtrum, Polygon, and Optimism. He estimated the total funds at risk to be around $70,000 . According to Analysis by security firm QuillAudits, the losses to attacks on the above net...

Lawrence White, a prominent professor of economics at George Mason University, has highlighted a potential future security threat that faces Bitcoin (BTC). Speaking during an interview with David Lin published on October 22, Professor White expressed his concerns regarding the long-term sustainability of Bitcoin’s security , particularly about the evolving reward model for miners. While quantum computing has long been a topic of discussion in the world of cryptocurrencies, the scholar was unfazed by its potential impact on Bitcoin. Instead, he pointed to a different challenge on the horizon while noting that Bitcoin has emerged as hack-proof.  “People have worried about the miners colluding to attack Bitcoin, but that wouldn’t be in their interest to do. So far, it’s proven hack-proof, and there are people who worry that in the long run, as the reward model for Bitcoin changes,” he said.  What to expect after all Bitcoin is mined ...

The SEC’s recent approval of Ethereum ETFs confirms its status as a non- security , says former CFTC Chairman Brian Quintenz, who is currently a head of policy of a16z crypto. On Oct. 2, the financial market welcomed a total of nine ETF products aimed at tracking futures contracts linked to Ether, the native currency of the Ethereum blockchain. Out of these nine, five ETFs are solely focused on Ether futures, whereas the remaining four offer exposure to both Bitcoin (BTC) and Ethereum (ETH) futures contracts. Grayscale Investments is also exploring the possibility of converting its existing Ethereum Trust into a spot Ethereum ETF. Ethereum ETF approvals suggest changing regulatory winds at SEC Brian Quintenz, who serves as the Head of Policy at a16z Crypto and is a former CFTC Commissioner, suggested that the SEC’s approval of an Ethereum ETF may signal a change in the agency’s stance, possibly moving away from treating ETH as a security . By approving ETH ...

The Shiba Inu project has opted to secure insurance coverage amounting to $2 million to address potential fund retrieval challenges upon the restart of Shibarium. Shiba Inu's Layer-2 Shibarium network has resumed block production following a nearly day-long transaction pause. As per Shibariumscan.io block explorer, Shiba Inu's layer-2 block chain Shibarium (SHIB) has reactivated and is generating block s. The Shibarium network entered a fail-safe mode and pause d operations to safeguard funds due to unexpectedly high traffic after the mainnet launch. Lead developer Shytoshi Kusama verified that elevated block chain traffic led to certain challenges, but said that fund security remains intact. He asserted that both the bridge and the chain are functioning smoothly and Shibarium is poised for a swift restart. Screenshot of restarted block production.   Source: Shibariumscan.io In an official blog post dated August 18, Shiba Inu developer Kaal Dhairya outlined plans for scaling ...

Achieving interoperability between different layer-1 networks is crucial for the growth and adoption of blockchain technology. Achieving seamless interaction between different Layer-1 networks is critical to realizing the full potential of blockchain solutions and accelerating global adoption. However, the decentralized nature of blockchain creates complex hurdles, making it difficult to overcome silos. The lack of interoperability is hindering Blockchain Adoption because of multiple existing limitations, including: Inability to build multichain decentralized applications (DApps) — developers are limited in their ability to build DApps that can interact with multiple blockchain networks, narrowing their potential reach and functionality. Fragmentation — without interoperability, blockchain networks become more fragmented, with each network operating independently. This makes it difficult for individuals and enterprises to adopt the technology and get the most out of it. Moreover, frag...