🦎🚀 Better double-check those URLs! 🔗

Friday, July 12, 2024

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What does the weekend have in store, Geckos?

It's time to take a break and touch some grass for a while.

In today's news:

Draining domains on the loose! 🕵️‍♂️
All aboard the Express Relay 🚂

Read on!

24h Hot Searches Worldwide 🔥

Wat (-12.5%)
Toncoin (+1.5%)
Moca Coin (+75.7%)
OctaSpace (-10.3%)
Ondo (-6.9%)
LayerZero (-5.5%)
Render (-10.1%)

4 in 5 Still Holding Out Hope for This Cycle

In our Post-Halving Survey, 52% estimated that we are still at the start or early stage of the bull market, and 29% estimated that we were midway through.

This suggests that a majority of participants believe the current bull run is not over yet.

Draining domains on the loose! 🕵️‍♂️

Earlier yesterday, the domain of the popular DeFi lending platform Compound Finance was exploited, redirecting users to a page that would drain their connected wallets.

ZachXBT first highlighted the attack as 'a potential hijack' before they were officially confirmed by the protocol as a DNS domain attack.

While the team has yet to provide further details on their investigation into the exploit, Compound has stated that all smart contracts and deposited funds remain secure.

However, members of the crypto community suspect that a vulnerability within the websites' domain registrar, Squarespace, may be the cause behind the recent attack.

Ido Ben-Natan, the co-founder of blockchain security firm Blockaid, stated that over 200 protocols remain at risk from hackers targeting DNS records on Squarespace.

As posted on X by the founder of DeFiLlama, 0xngmi, the list includes front-ends for popular crypto protocols such as Pendle, Karak, and Hyperliquid.

Editor's Note:

These aren't just small yield farms or forks on obscure chains that are getting hacked - these are real protocols with hundreds of millions in TVL. While it might seem fine to still interact with these protocols since the smart contracts themselves are secure, it's probably best to wait it out until the potential domain exploit can be contained and mitigated.

Learn about what was perhaps the most devastating bug that Bitcoin has faced here!

Watch now

All aboard the Express Relay 🚂

The decentralized oracle project Pyth Network has introduced its latest innovation on the mainnet, known as the Express Relay.

Express Relay is a solution that aims to eliminate the negative externalities of MEV in a decentralized manner.

This mechanism allows DeFi protocols to connect to a network of searchers to control value extraction from valuable transactions, which can save costs for protocols as well as users.

Express Relay also combines transactions from various protocols across different networks, allowing searchers to save on the costs of integrating and executing these MEV opportunities.

Searchers who have already integrated with Express Relay include firms such as Flow Traders, Wintermute, and Swaap Finance.

Learn how to build a simple yet functional crypto tax calculator application using React and CoinGecko API! The guide focuses on basic tax structures, which provide a foundation for adapting to local tax regulations.

Learn more

In Other News...

Less Than $300M BTC Left. Germany has sent billions of dollars' worth of Bitcoin to exchanges and market makers this week, leaving little left to sell.
Introducing API3's OEV Network. The new layer 2 platform creates new revenue streams for lending protocols through establishing an efficient market for oracle updates.
Capital Injection. Morgan Creek Digital to raise up to $500M for a new Web3 venture capital fund.
Making DeFi Easier. Exponential.fi's all-in-one platform simplifies DeFi by helping users identify opportunities, bridge fiat, assess risk, and invest in crypto all in one place.
One-Stop Crypto App. Coinbase launches a new web app designed to provide users with a single platform for managing their entire crypto exposure, including tokens, NFTs, and DeFi positions.
Dropping the Investigation. SEC drops its investigation into the BUSD stablecoin following a probe into Paxos.

Here are the top trending coins for this week!

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