🦎🚀 Have the bots been bested? 🤖

Monday, August 7, 2023

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History Repeats Itself

The recent turmoil experienced by Curve Finance, leading to a substantial $110 million "gut check" for the DeFi sector, has raised doubts about its perceived superiority over traditional finance.

In a somewhat reminiscent fashion of the financial crisis, informal "handshake" deals were orchestrated with crypto influencers to safeguard the founder, Michael Egorov, from potential liquidation due to his significant leveraged positions.

In today's news, the battle of the L2s is heating up, Huobi sees some concerning outflows, and an NFT trader beats the machines!

Read on!

How are Public Companies' Bitcoin Portfolios Performing?

Michael Saylor's MicroStrategy Inc., which has the largest Bitcoin holdings of 152,333 BTC, has an unrealized return on investment (ROI) of 11.07%, equivalent to $456,712,092 in profits today.

The three mining companies, Hut 8 Mining Corp., Riot Platforms, Inc., and Hive Blockchain, see the largest unrealized profit per Bitcoin.

Read more to find out!

24h Hot Searches Worldwide

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Did you know that Bitcoin also has an ecosystem built around it via sidechains and layer 2's?

Learn more about how they work and the top platforms in this video.

Let's find out here!

Open-Source Code

Matter Labs, the company responsible for the zkSync rollup, has refuted claims of copying Polygon's open-source code without proper attribution.

Both Polygon and Matter Labs are involved in creating zero-knowledge rollups, which are layer 2 blockchains designed to alleviate congestion on the Ethereum mainnet, providing users with faster and more cost-effective transactions.

However, tensions have arisen in the past between the two projects as they compete to attract similar users and investors to their platforms.

CoinDesk

Downfall

Huobi, a cryptocurrency exchange, has experienced a decline in total value locked (TVL) due to rumors of insolvency and purported investigations by Chinese authorities.

The crypto exchange Huobi saw significant outflows of funds amounting to $64 million between August 5 to August 6.

As a result, the exchange's reserves have decreased from $3.1 billion on July 6 to $2.5 billion as of the time of writing.

Cointelegraph

Checkmate

NFT trader Hanwe Chang successfully earned $1.5 million in Ethereum by cleverly identifying a bot that was copying his bids on the Blur NFT marketplace.

To outsmart the bot, he strategically amassed Azuki NFTs with matching background colors after realizing that other farmers were replicating his bids.

He then proceeded to place bids on the collected Azukis and eventually sold them off, effectively outmaneuvering the bot and securing 800 ETH in profits.

Decrypt