Daily Crypto Digest with Ares_Diego Edition #4
15th February, 2021
🗞Why Bitcoin Cash
🗞mStable launches mBTC, a cryptocurrency anchored with stablecoins such as wBTC and RenBTC
According to the news, mStable, which aims to establish an autonomous and non-custodial stablecoin infrastructure, announced today that it has launched a cryptocurrency, mBTC, which is anchored to the Bitcoin stablecoin. mBTC is a meta-stablecoin based on the ERC20 version of Bitcoin, with a limited basket of assets and local interest rates. Any user who holds wBTC, RenBTC and sBTC (three Bitcoin stablecoins based on Ethereum) can mint and exchange mBTC. The announcement stated that the advantage of mStable comes from its structure: its value is linked to all these Bitcoin stablecoins, and if one of the stablecoins collapses, mStable holders will not lose all their assets. Meta stablecoins are important primitives in DeFi: they make capital efficiency change in stages, and will be used to safely and effectively bridge and unify value. mBTC is the second yuan stablecoin released by mStable after mUSD.
🗞Cream.Finance has discovered a potential vulnerability and is now re-enabled
According to the news, the mortgage lending platform Cream.Finance tweeted at 4 pm Beijing time that they found a potential loophole and are investigating. Two hours later, at 6 pm Beijing time, Cream.Finance again tweeted the process of updating the vulnerability incident, saying that the investigation found that CREAM's contract and market were operating normally. Both the V1 and V2 markets have been reactivated. The details of the vulnerability will be disclosed later. At 7 pm Beijing time, the cross-chain DeFi platform Alpha Finance Lab ALPHA also tweeted that they had received a notice that Alpha Homora V2 was attacked, and that Andre Cronje and Cream.Finance would respond together. The vulnerability has been fixed, the stolen funds are under investigation, and they have identified the main suspect. More information will be disclosed later.
🗞Crypto exchange 1inch airdrop to crypto traders $84 million
1inch, a decentralized exchange aggregator, is airdropping $84 million worth of 1INCH tokens to its users and users of competing exchange Uniswap.
It is reported that users who have interacted with 1inch DEX (previously called Mooniswap) before December 24, 2020, as long as they have made at least one transaction before September 15, 2020, and have made more than four transactions in total. If the transaction or transaction amount reaches $20, you can accept airdrop distribution.
In order to attract crypto users who use Uniswap, the 1inch Foundation also distributed 1INCH tokens to users who use Uniswap under certain conditions.
1inch CEO Sergej Kunz said that the team hopes that the airdrop will show the advantages of 1inch DEX in competing exchanges.
🗞IOSG Ventures, Paradigm and Coinbase Ventures jointly provide $12 million in financing for the Synthetix agreement
Synthetix is a derivatives liquidity protocol used to issue and trade synthetic assets on Ethereum. The financing funds will be used to purchase SNX from SynthetixDAO, contribute to the agreement by providing liquidity in the form of SNX collateral, and will participate in its rapidly developing community governance system.
IOSG firmly believes that close cooperation with Synthetix will be a key and efficient way to participate in community governance. This investment will be one of the earliest examples of the fund's direct participation in DAO's major investment. As the Synthetix ecosystem continues to expand, more teams and developers will enter the synthetic asset track, and community governance will attract continued attention. We are very excited about supporting SynthetixDAO, and look forward to the progress of Synthetix's transfer to the second-tier expansion solution Optimistic Ethereum.
🗞mStable launches mBTC, a cryptocurrency anchored with stablecoins such as wBTC and RenBTC
mStable, which aims to establish an autonomous and non-custodial stablecoin infrastructure, announced today that it has launched a cryptocurrency, mBTC, which is anchored to the Bitcoin stablecoin. mBTC is a meta-stablecoin based on the ERC20 version of Bitcoin, with a limited basket of assets and local interest rates. Any user who holds wBTC, RenBTC and sBTC (three Bitcoin stablecoins based on Ethereum) can mint and exchange mBTC. The announcement stated that the advantage of mStable comes from its structure: its value is linked to all these Bitcoin stable coins, and if one of the stable coins collapses, mStable holders will not lose all their assets. Meta stablecoins are important primitives in DeFi: they make capital efficiency change in stages, and will be used to safely and effectively bridge and unify value. mBTC is the second yuan stablecoin released by mStable after mUSD.
🗞Crypto exchange 1inch airdrop to crypto traders $84 million
1inch, a decentralized exchange aggregator, is airdropping $84 million worth of 1INCH tokens to its users and users of competing exchange Uniswap.
It is reported that users who have interacted with 1inch DEX (previously called Mooniswap) before December 24, 2020, as long as they have made at least one transaction before September 15, 2020, and have made more than four transactions in total. If the transaction or transaction amount reaches US$20, airdrops can be accepted.
In order to attract crypto users who use Uniswap, the 1inch Foundation also distributed 1INCH tokens to users who use Uniswap under certain conditions.
1inch CEO Sergej Kunz said that the team hopes that the airdrop will show the advantages of 1inch DEX in competing exchanges.
🗞Avalanche protocol generates abnormal traffic bug due to congestion
Patrick O'Grady, a blockchain engineer at Ava Lab, posted a message via Medium that the avalanche protocol Avalanche triggered a bug due to network congestion, which is related to how the high-throughput, proof-of-stake blockchain tracks transactions. Although there is no capital risk problem, it still teaches the blockchain industry a lesson. Avalanche, designed by Cornell University’s computer science professor Emin Gün Sirer, was launched in September 2020 and claims that it can process 4,500 transactions per second. It is supported by famous cryptocurrency companies, including Mike Novogratz's Galaxy Digital, Bitmain, and Initialized Capital. At present, the emergence of this problem has caused users to question the network's high-throughput transaction processing capabilities. The price of its native token has fallen to $37.05, which is much lower than the previous high of $53.
🗞Blockchains plans to build a crypto city in the US desert
Nevada-based blockchain incubator Blockchains has announced the construction of a smart cryptocurrency city in the American desert. This was stated by the CEO of the company Jeffrey Burns in an interview with Associated Press .
In 2018, Blockchains bought 67,000 acres (over 27,000 ha) of land in Storey County for $ 170 million . Burns asked the authorities of the state of Nevada to establish an "innovation zone" in these territories, where the company will form local government.
According to the top manager, the current power structure is not suitable for building a community based on blockchain and cryptocurrencies. He called the innovative city a place "where people can just start from scratch."
The authors of the project want to maximize the potential of blockchain technologies and provide residents with the opportunity to pay exclusively with digital assets.
The company plans to build 15,000 houses and about 300 hectares of commercial and industrial space. According to Blockchains plans, the project will take 75 years, and work can begin in 2022.
In January, the American rapper Akon received permission from the authorities to build the crypto city Akon City in Senegal.