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Monday, July 3, 2023

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Rate Limited

Social media platform Twitter has imposed temporary restrictions on the daily number of posts users can read due to significant instances of data scraping and system manipulation, as stated by executive chairman Elon Musk.

The initial limits were set at 6,000 posts per day for verified accounts, 600 posts per day for unverified accounts, and 300 posts per day for new unverified accounts. However, these limits have since been revised and increased.

For today's news, we have Poly Network bridge under attack, Hong Kong establishing a web3 task force and Azuki holders capitulating.

Top Crypto Exchanges in Turkey

In April this year, Paribu overtook BtcTurk PRO to become the biggest player among the top CEXs in Turkey.

The change in market leaders happened despite BtcTurk PRO holding a majority share of 74.0% at one point.

24h Hot Searches Worldwide

ApeCoin (+0.3%)
Polygon (+3.0%)
Pendle (+4.9%)
Pink BNB (-3.9%)
Curve DAO (+0.3%)
Pepe (+17.7%)
BitDAO (+14.1%)

Fully Diluted Valuation (FDV) and Market Cap - do you use either of these metrics when evaluating coins? Find out what they mean and how to use them in this video!

Let's find out here!

Under Attack

Poly Network, a cross-chain protocol, recently experienced a hack in which the attacker successfully issued tokens worth an estimated $4 billion.

By exploiting vulnerabilities in the bridge, the attacker deceived the system into generating non-existent tokens on a particular network. However, the attackers were unable to fully capitalize on the stolen tokens due to factors such as low liquidity and security measures.

Coindesk

Secret Task Force

Hong Kong is actively embracing Web3 technologies through the establishment of a task force led by financial secretary Paul Chan.

This task force will consist of government officials, regulators, and 15 non-official members, including industry experts, and will have a two-year period to explore the potential of blockchain, digital assets, and decentralized finance (DeFi).

Decrypt

Capitulation

Azuki, a popular NFT collection, experienced a significant sell-off by long-term holders following the release of the new Elementals collection.

Data from Nansen, a crypto data provider, indicates an 817% surge in selling activity by long-term Azuki holders, primarily driven by the liquidation of 350 Azuki NFT loans on Blur's lending platform.

The Block

What are veTokens, and how are they enabling sticky liquidity? Learn about veTokenomics and how they aim to turn users into long-term participants.

Read more here.