The IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022. Shimmer is a fee-free, parallelized DAG ledger designed to safeguard and establish fully customizable smart contract chains. IOTA introduced it as a testing network to rigorously assess all forthcoming advancements for the IOTA protocol. The native token of the shimmer network is SMR.

The IOTA developers have been working on Shimmer Ethereum Virtual Machine (EVM) with its testnet version already live in the market. The ShimmerEVM testnet chain represents the inaugural EVM-compatible smart contract chain within the Shimmer network. This chain facilitates scalable, rapid, secure, and parallel handling of smart contracts.

With ShimmerEVM back in the market, it will be interesting to see whether it can compete with peer alt-chains in the market. In order to understand this, it is crucial to know how would Shimmer EVM fare across three major verticals of security,accessibility, andintegrations.

Currently, Ethereum, Binancesmart Chain, Tron, and Arbitrum cater to 85% of the total value locked in the industry. Lets see how each of these platform fare across these three verticals.

Arbitrum exhibits strong performance in this aspect, utilizing Ethereums robust validator network and employing zk-rollup technology for secure communication between the two. Ethereums proven history adds credibility to its security claims.

Yet, Arbitrum does have a security vulnerability, its DAO. The Arbitrum DAO faced criticism over its initial proposal that self-allocated tokens, disregarding its own vote outcome. Such actions raise concerns about decentralization in a project.

On the other hand, BSC employs a Proof of Authority system for security. Validators need to meet specific criteria and undergo an election based on BNB delegated to them. This protects them against malicious validators. However, Binance holds 71% of total BNB, effectively controlling validators. Given Binances legal issues, trust is questioned.

Shimmer stands apart from Arbitrum and BSC. Shimmer EVM functions as a platform for others to build chains, with validators chosen by chain creators. This introduces variability in security. Shimmers validation process presents risks, not stress-tested in the open market.

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Shimmer boasts a fairly decentralized DAO. SMR voting tokens were airdropped to IOTA stakers, aligning with committed chain development. However, a third of tokens are concentrated in 26 addresses, potentially limiting governance influence. Still, this surpasses BNBs lack of DAO. Shimmers live governance respects community votes, unlike Arbitrums Foundation overruling.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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ShimmerEVM to Compete With BSC and Arbitrum in DeFi Space - Crypto News Flash

In a recent tweet, Binance and its BNB chain have announced the launch ofOdyssey From Testnet to Mainnet campaign to celebrate opBNBs journey from the testing phase (Testnet) to the official phase (Mainnet).

Join opBNB's Odyssey from Testnet to Mainnet! Claim your Genesis NFT & a share of the $50,000 Airdrop

To secure your Genesis NFT, complete tasks during the testnet phase your entry ticket to opBNB's exciting journey.

Read on for the instructions pic.twitter.com/IAzWaT7wc7

opBNB is like a supercharged technology thats part of the Binance Coin (BNB) world. Theyve built it using something they call the OP Stack, which is a powerful set of tools and techniques. `

Theyre inviting people to be a part of this transition by offering special digital collectibles called Genesis NFTs and a chance to get some free tokens.

During this campaign, theyre offering tasks and challenges that will help users explore and understand their platform better.

Completing these tasks grants users experience and also the eligibility for rewards, including Genesis NFTs and a share of the $50,000 token airdrop.

The tasks users need to complete and earn more rewards are:

tBNB stands for test BNB, and its a kind of pretend BNB token thats used specifically on the Binance Smart Chain (BSC) Testnet. Its like play money that lets you test things out without using real cryptocurrency.

By completing these steps, users are all set to participate in the opBNB Testnet campaign and increase their chances of winning exciting rewards.

Also Read: BNB Beacon Chain Hard Fork Adds Feature To Halt Blockchain

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Participate in Binance's opBNB Odyssey To Win $50K Airdrop - Crypto Times

Description

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain). Whether you intend to receive, trade, or store any token on the BNB Chain, you will need Read more

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain).

Whether you intend to receive, trade, or store any token on the BNB Chain, you will need a BEP-20 wallet address which can be obtained from wallets or platforms compatible with BNB Chain. This is where Metamask and Trust Wallet come in handy.

Metamask and Trust Wallet are multi-chain self-custody cryptocurrency wallets, meaning they support several blockchains and their respective token standards, including ERC-20 and BEP-20 addresses. In this article, well explore how you can find BEP-20 wallet addresses on both Metamask and Trust Wallet.

If you dont have a Metamask wallet already, then you will need to download it to create an account. Metamask is available on mobile and desktop (as a browser extension). For the purpose of this article, well be using the Chrome extension to guide you. However, the steps to creating and finding BEP-20 on Metamask are the same, regardless of the version used.

Open your Metamask wallet. Afterward, sign into the account you created by entering the password.

Click on the drop-down by the top left corner to switch between different blockchain networks. Select the BNB Chain if the option is available. But if the option is not available, you will need to add the BNB Chain manually.

Click the Add Network and enter the following details to the relevant fields to add the BNB Chain to your Metamask wallet.

Cross-check the details you entered and click on the Save button.

After adding the BNB Chain configuration details, go back to the Metamask home screen and click on the Network Switcher tab discussed in Step 2. Then, select BNB Chain (i.e., Binance Smart Chain).

Next, click on the three-dot icon by the top right corner, then select Account details.

You should see your BEP-20 address and a QR code, with which you can send only BEP-20 standard tokens to your wallets.

Some token balances may not be displayed, except if you import them. This article delves further into how to import tokens on Metamask.

Similar to Metamask, Trust Wallet is also available on mobile (Android and iOS devices) and browsers as extensions. For those new to Trust Wallet, you will need to create an account and set up other necessary details, such as a password and seed phrase backup.

The user interface on Trust Wallets extension is quite different from that of the mobile app. So, well show you how to create, add BNB Chain, and find the BEP-20 address on Trust Wallet mobile and browser extension.

After creating a new account, the very next step is switching to the BNB Chain.

Click on the top left icon that shows Ethereum to switch between different networks. By default, you should see the option to select BNB Chain (Binance Smart Chain).

However, if the option is not provided, then you can continue with the next step to manually add BNB Chain.

Next, click on manage networks and add custom tokens.

Next, enter the following details in the relevant fields to add the BNB Chain to your Trust Wallet.

Network Name Binance Smart Chain

New RPC URL https://bsc-dataseed.binance.org/

Chain ID 56

Symbol BNB

Block Explorer URL https://bscscan.com

Next, select BNB Chain (i.e., Binance Smart Chain) you just added from the Networks tab.

After adding the BNB Chain network, the next step to finding your BEP-20 address is by searching for the BNB coin. To do this, click on the receive button.

Next, scroll down to find the BNB coin.

You should see your BEP-20 wallet address after you click on the token.

Assuming you have created an account already, launch the Trust Wallet mobile app and click on Add Tokens.

Next, select BNB Smart Chain to add the coin to your wallet.

Go back to the home screen and click on the BNB coin you just add.

Next, click on receive, and you should see your BEP-20 wallet address on Trust Wallet. You can then copy and fund your BEP-20 wallet using the address.

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How to find BEP-20 wallet address on Trust Wallet & Metamask ... - Cryptopolitan

Polygon Labs, a prominent platform for blockchain development, has revealed a significant collaboration with Meroku Protocol V2, an advanced toolkit for creating and launching decentralized applications (DApps) across various blockchains. This partnership will enable Polygon Labs to incorporate the capabilities and features of Meroku Protocol V2 into its own DApp store toolkit, aimed at delivering a smooth and intuitive experience for developers and end-users of DApps.

Meroku Protocol V2 is a versatile DApp store toolkit operating across multiple prominent blockchains, including Ethereum, Binance Smart Chain, Polygon, Solana, and others. It provides diverse resources for DApp creators, including intelligent contract templates, code validation, security assessments, governance modules, and analytical tools.

By utilizing Meroku Protocol V2s technological capabilities, Polygon Labs will empower users of its DApp store toolkit with increased choices and adaptability in selecting their desired blockchain platforms. Additionally, users will gain access to a broader network of DApp enthusiasts and communities, enhancing the overall reach and impact of their DApps.

Meroku Protocol V2 empowers individuals to generate, trade, and redeem synthetic assets without the involvement of intermediaries, centralized exchanges, or custodians. Synthetic assets represent tokens that mirror the value of diverse underlying assets like stocks, commodities, currencies, and other cryptocurrencies.

The Meroku Protocol V2 comprises three key elements: the Meroku Token (MRK), the Meroku Vault, and the Meroku Exchange. The MRK token operates as the protocols inherent utility and governance token. It serves various purposes, including fee payments, being staked as collateral, and participating in voting for protocol enhancements and parameters.

The Meroku Vault functions as a smart contract, securing MRK tokens staked by users to support the creation of synthetic assets. Lastly, the Meroku Exchange is a decentralized exchange (DEX), facilitating the seamless exchange of synthetic assets among users or with MRK tokens.

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To generate a synthetic asset, a user initiates the process by placing MRK tokens into the Meroku Vault while specifying the desired synthetic assets type and quantity they wish to create. The protocol then computes a necessary collateralization ratio (CR) based on factors such as the underlying assets volatility, liquidity, and the prevailing MRK token price.

This CR signifies the percentage of MRK tokens that the vault must lock relative to the value of the synthetic asset. For instance, with a CR of 150%, a user would need to deposit $150 worth of MRK tokens to mint a synthetic asset valued at $100.

Upon completing this process, the user receives the newly minted synthetic asset in their wallet and can trade it on the Meroku Exchange or any other compatible decentralized exchange (DEX).

An Oracle service maintains tracking the synthetic assets price for the underlying asset, providing real-time price feeds to the protocol. The user can redeem their synthetic asset at any time by burning it, effectively returning it to the protocol, and subsequently withdrawing their MRK collateral from the vault.

The protocol enforces both a minting fee and a redemption fee for creating and redeeming synthetic assets. These fees are settled in MRK tokens and distributed to MRK stakers, functioning as rewards for providing collateral to the protocol. Additionally, the protocol imposes a trading fee for exchanging synthetic assets on the Meroku Exchange. Traders pay this fee for the particular synthetic asset they are trading. It serves the purpose of repurchasing and burning MRK tokens from the market, thus introducing deflationary pressures on the MRK supply.

Transitioning forward, Meroku Protocol V2 has a primary objective: to deliver a scalable, secure, and user-friendly platform, granting access to any global asset through synthetic tokens. By harnessing the capabilities of decentralization, smart contracts, and oracles, Meroku Protocol V2 empowers individuals to establish exposure to diverse assets without intermediaries, the threat of censorship, or counterparty risk.

Moreover, the partnership forged with Polygon Labs will enable both entities to collaboratively explore and develop novel features and innovations for the DApp ecosystem, focusing on aspects like interoperability, scalability, and user-friendliness. Polygon Labs and Meroku Protocol V2 share a mutual vision to equip developers and users with the finest tools and resources for constructing and utilizing DApps. Through this synergistic alliance, their shared goal is to expedite the adoption and expansion of the decentralized web.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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Polygon and Meroku Partnership Ushers in New Era for DApps with ... - Crypto News Flash

Curved Finance is a growing DeFi protocol that looks like it has a lot of potential. It does have a lot of potential as many crypto enthusiasts use them to conduct a wide range of services. However, they suffered a hack which set them back on many things. The amount of money they lost in the hack reached a whopping $70 million. Binance Labs, the crypto exchanges venture capitalist and incubator arm, plans to invest $5 million in CRV, Curve DAOs token. Apparently, this investment will be part of the Curved Finance revival.

Binance Labs, the crypto exchanges venture capitalist and incubator arm, wants to spend a whopping $5 million into the native token of Curved Finance. Apparently, this deal will open a lot of opportunities for the project. In fact, many of the supporters of the DeFi protocol are happy with the news.

The new deal with Binance is not only for the native token but the DeFi protocol will have more options to explore. Furthermore, Binance wants to deploy the CRV token on the Binance Smart Chain (BNB Chain). Apparently, this is quite huge for CRV, as it means more traders will have access to it.

It looks like Binance wants to act as the big brother of crypto companies. Moreover, the fact remains that Curved Finance is the second largest DeFi exchange in the world, with $2.4 billion in total value locked (TVL) per DeFiLlama. Even more, this DeFi exchange is the largest exchange for stablecoin swapping. So the hack in their protocol affected them to the core.

According to the Co-Founder of Binance and Head of Binance Labs Yi He, the new development from Binance is an act of support. Binance Labs acknowledged Curved Finances condition as delicate. Hence, they want to help them stand up on their feet. Moreover, a massive brand like Binance coming to your rescue is an incredible record.

The hack on Curved Finance was something that many crypto enthusiasts didnt expect. Nevertheless, it did happen, affecting the crypto protocol. Apparently, the hacker accessed some critical resources and permissions and used them against the CRV ecosystem. More than 70 million dollars went down the drain.

However, the protocol told the hacker to return about 90% of the stolen funds and keep 10%. Fortunately for Curved Finance, the hacker did return some of the money. Although it is not yet complete, the hunt is still on for the hacker.

Wrapping up, Binance didnt send a sign of support to Curved Finance using words. The worlds biggest exchange spent a total of $5 million as a sign of support for the DeFi protocol. With the new investments, the DeFi protocol might recover.

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Curved Finance Receives $5 Million FromBinance - cryptonewsbytes.com