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Published October 8, 2023

Melbourne, Australia, 8th Oct 2023, King NewsWire InfinityStake, a trailblazing decentralized staking platform, is making waves in the decentralized staking space with the successful completion of a $12 million financing round. While specific investor details remain confidential, internal sources from relevant investment institutions hint at the involvement of several high-profile venture capital firms, including Binance Labs and Delphi Ventures.

InfinityStake is at the forefront of transforming the staking landscape, offering unique opportunities to its users. By leveraging the power of meticulously designed and robust smart contracts, InfinityStake can identify and tap into innovative staking pools that promise high potential and attractive Annual Percentage Rates (APR). This unique approach allows users to maximize earnings through arbitrage in a way that was not possible before.

The platform stands out from other decentralized applications (dApps) in the market, offering higher returns thanks to the strength and efficiency of their smart contract mechanism. InfinityStake has redefined the concept of staking, making it not just about securing assets, but optimizing them for maximum growth and profitability.

The recently obtained financing underscores the confidence of the investment community in InfinityStakes innovative approach and its potential to disrupt traditional staking methods. The funds will be utilized to further enhance the platforms capabilities, expand its reach, and solidify its position in the burgeoning decentralized staking space. This includes the development of new features and services to provide users with an even more seamless and lucrative staking experience.

Moreover, the financing will enable InfinityStake to foster strategic partnerships and collaborations that will further enhance its service offerings and user experience. The platform is focused on building a robust ecosystem that promotes financial inclusivity and empowers its users to optimize their assets.

As InfinityStake continues to chart its growth trajectory, the platform is set to revolutionize the world of staking. Stakeholders, users, and enthusiasts should keep an eye on this space for more exciting updates and developments.

Organization: InfinityStakechain

Contact Person: Nicholas Swan

Website: https://www.infinitystakechain.com

Email: [emailprotected]

City: Melbourne

Country:Australia

Release id:6871

View source version on King Newswire:InfinityStake Raises $12M in Financing Round with Participation from Binance Labs

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InfinityStake Raises $12M in Financing Round with Participation ... - Digital Journal

Its hard to cover blockchain tech without considering the impact of crypto winter. In this weeks issue of The Protocol, we highlight layoffs hitting key firms as well, and how blockchain projects are competing for new mandates specifically big Ethereum layer-2 developers like OP Labs, Polygon and Matter Labs vying to provide the technology for the Celo blockchains new network; theres only so many customers to go around.

This weeks feature by Camomile Shumba looks at how the crypto firms Chainlink Labs and Ripple are finding comfort in the idea that the future of finance end up as a hybrid of crypto and traditional finance, rather than total disruption or winner-takes-all.

You're reading The Protocol, CoinDesks weekly newsletter that explores the tech behind crypto, one block at a time. Subscribe here to get it every week.

BLOCKCHAIN BAKE-OFF! In July, when the smart-contracts blockchain Celo proposed to ditch its independent layer-1 status in favor of becoming a layer 2 network atop Ethereum, the people behind the project may have had little inkling of just how popular they would become. Now theres suddenly a burst of competition among veteran layer-2 teams to supply the technology for Celos new system. The migration initially was supposed to rely on Optimisms OP Stack software kit, which served as the template not only for Coinbases new Base blockchain but also the Binance-incubated BNB Chains new opBNB network. Then last month, Polygon injected itself into the mix, offering up its Polygon Chain Development Kit, known as Polygon CDK, as an alternative. As of last week, theres yet another suitor to host Celo: Matter Labs, the creators of another rollup, zkSync, as well as the ZK Stack open-source software, which can be used to create new hyperchains on Ethereum. The modular and open-sourced ZK Stack is the optimal L2 stack for Celos transition to Ethereum, according to the Matter Labs proposal. We hope to trigger an honest, open discussion amongst the Celo and zkSync communities regarding the tradeoffs between the ZK Stack, the OP Stack, Polygon CDK and other options. Coming in the depths of crypto winter, the episode offers a reminder of the intensity of the consolidation trend, with the various networks scrambling to find fresh business.

PROOF-OF-PROOF: The crypto developer OP Labs rolled out software a year ago making it easy for companies to spin up their own distributed networks atop the Ethereum blockchain. But the option quickly became so popular that it attracted the likes of the big U.S. crypto exchange Coinbase, which used the platform to build its new blockchain, Base. As these things go, success leads to greater scrutiny, and in recent months, technical experts homed in on a crucial deficiency of the setup: Networks based on the OP Labs software were missing an element known as fault proofs that theoretically sit at the very core of their inherent optimistic rollup design; the lack of the security feature was likened to driving a fast car without airbags. OP Labs officials got the message, and recently had insisted that getting fault proofs into operation was a top priority so much so that the project even had its own name, Cannon. On Tuesday, OP Labs finally delivered or at least took its first step toward addressing the concerns, launching fault proofs on a test network known as OP Goerli Testnet. Such progress might keep critics at bay, at least for a while.

COLD CRYPTO: Transaction volumes across the crypto industry have slowed dramatically, and the signs of retrenchment are ubiquitous. Chia Network, founded by BitTorrent inventor Bram Cohen, laid off 26 employees, a third of its staff, and might now consider selling off some of 2.6 million unencumbered XCH tokens ($70 million worth) to raise funds. Chainalysis, the blockchain analytics firm, cut 15% of staff, out of an employee base said to be around 900. On Wednesday, the DeFi lending project Yield Protocol announced plans to wind down by the end of the year, because there is currently not sustainable demand for fixed-rate borrowing.

BAD BLOOD IN BSV: Christen Ager-Hanssen, the former CEO of nChain, which is focused on the Bitcoin SV (BSV) blockchain, posted on X that he had departed, adding that he was convinced that Dr. Craig Wright is NOT Satoshi and is persuaded he will lose all his legal battles. Calvin Ayre, a patron of the BSV ecosystem, wrote on X that Christen is a grifter He had no real plans for nChain other than stealing the silverware. Wright posted: Sorry to disappoint my anti-fans. I havent gone anywhere.

TO ENSHRINE OR NOT TO ENSHRINE? Ethereum co-founder Vitalik Buterin was once an advocate for the proliferation of layer-2 networks, under a minimal-enshrinement philosophy essentially keeping the main blockchain network as a simple, beautiful protocol that tried to do as little as possible. Now, however, he writes that enshrining certain features in the protocol might be worth considering.

Ethereum developers prove successful in second attempt at Holesky test network launch.

Mondays highly anticipated launch of no fewer than nine exchange-traded funds or ETFs offering exposure to ether (ETH) futures proved spectacularly unimpressive; one analyst described the whole affair as meh.

Highlighting blockchain tech upgrades and developments.

1. Nomic, a layer-1 blockchain with a decentralized, non-custodial Bitcoin bridge, said its nBTC Interchain Upgrade "empowers users" to bring native bitcoin (BTC) to anywhere within the Cosmos ecosystem.

2. Chainlink, the blockchain data oracle provider, has launched Data Streams, a new product designed to reduce network latency.

3. Polybase, a state zk-rollup protocol that natively supports modular data storage and indexing, has launched Polylang, a programming language described as TypeScript for Zero Knowledge.

4. Babylon unveiled at Cosmoverse its Bitcoin Staking Protocol MVP.

In the chaos that followed the collapse of Sam Bankman-Frieds FTX crypto exchange, a still-unknown party drained affiliated wallets of as much as $600 million. Until this past week, some $26 million of ether (ETH) had sat in a single wallet tagged FTX Exploiter by blockchain sleuths. But in the wee hours of Saturday, Sept. 30, just days before Bankman-Frieds criminal trial was set to commence in New York, the blockchain account suddenly sprung into action, and the funds started moving flowing quickly through a series of wallets that appeared to have no other purpose but as intermediary accounts; routing through Railgun, a privacy-enhancing protocol; and ultimately ending up at Thorchain, a decentralized cross-chain swap protocol; or reaching a smart contract labeled, Metamask: Swap Router. Using blockchain explorers, we traced the flow that one batch of 2,500 ETH took out of the long-dormant wallet. Heres that visualization:

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The Protocol: Which Ethereum Layer-2 Project ISNT Competing to Land Celo? - CoinDesk

The digital asset landscape has recently seen the rise of stablecoins, a distinct class of cryptocurrencies. Unlike frequently fluctuating assets like Bitcoin and Ethereum, stablecoins aim to maintain consistent value. This piece will explore the nuances of these digital currencies, examining their classifications, pros and cons, operational dynamics, applications, legal perspectives, leading market players, and the potential of investing in such assets.

Stablecoins represent a distinct segment of digital currencies designed to uphold a consistent value. Often, they achieve this by anchoring their worth to tangible assets such as fiat money or commodities. These coins aim to merge the advantages of cryptocurrency transactions, which are typically swift and economical, with the stability that counters the price fluctuations seen in many other digital currencies.

Stablecoins offer several advantages:

Stablecoins provide a haven from the price volatility in cryptocurrencies like Bitcoin.

They inherit the benefits of blockchain technology, enabling quick and cost-effective cross-border transactions.

Stablecoins can improve financial access for people in regions with unstable fiat currencies or limited banking infrastructure.

Stablecoins are a cornerstone in decentralized finance (DeFi) applications, facilitating lending, borrowing, and liquidity provision.

However, there are also disadvantages to consider:

Fiat-backed stablecoins rely on centralized custodians for reserve management, potentially exposing them to regulatory and counterparty risks.

Stablecoins face evolving regulatory landscapes, which can impact their operation and adoption.

Users must trust the issuer to maintain the peg and adequately back the stablecoin

The workings of stablecoins depend on their type. For example, fiat-backed stablecoins are maintained by holding an equivalent amount of fiat currency in reserve, while crypto-backed stablecoins use over-collateralization to manage their value.

Algorithmic stablecoins utilize smart contracts and algorithmic mechanisms to dynamically adjust their supply and demand, seeking equilibrium to maintain price stability.

Stablecoins have found a wide range of use cases:

They serve as an efficient means of transferring value, especially for cross-border transactions.

Migrant workers can use stablecoins to send money to their home countries with lower fees and faster settlement times.

Stablecoins are integral to DeFi platforms, providing liquidity, collateral, and stability to these decentralized financial systems

Investors often use stablecoins as a temporary store of value during market volatility or when exiting cryptocurrency positions.

Regulatory authorities across different jurisdictions have struggled to categorize stablecoins consistently. They sit at the intersection of traditional fiat currency and digital assets. While some countries view them as commodities, others see them as securities or a new class of financial instruments. Establishing a clear and unified definition can aid in creating appropriate regulations.

Since stablecoins can be used as a medium of exchange and a store of value, ensuring the safety of users funds is paramount. Regulators might require stablecoin issuers to hold the same amount of underlying assets as the stablecoins they issue and to undergo regular audits. There is also a need to ensure that issuers are transparent about their reserves and risk management practices.

Like other digital assets, stablecoins can be used for illicit activities if safeguards arent in place. Regulatory bodies emphasize the need for stablecoin issuers and related platforms to implement rigorous AML and CFT measures similar to those required for traditional financial institutions.

As stablecoins gain prominence and more users, their potential failure can pose systemic risks to the broader financial system. Authorities are concerned about the run on the bank scenarios, where a sudden drop in confidence could lead to a cascade of withdrawals, destabilizing the stablecoin and potentially impacting other linked financial systems.

Given blockchain technologys decentralized and global nature, stablecoins inherently have cross-border functionalities. This makes it challenging for a single regulatory body to exert complete oversight. International collaboration among regulators is essential to ensure consistent policies and to prevent regulatory arbitrage, where entities move operations to jurisdictions with more lenient regulations.

Its worth noting that the landscape of stablecoin regulations is dynamic, with authorities worldwide continuously updating their stances and policies to accommodate the evolving nature of the technology and its implications for the financial system.

Several stablecoins have gained prominence in the cryptocurrency space, including Tether (USDT), USD Coin (USDC), DAI, and Binance USD (BUSD). These stablecoins differ in terms of their underlying collateral and issuer.

Investors often turn to stablecoins during periods of cryptocurrency market volatility. They offer a relatively safe asset to park funds while waiting for better investment opportunities. Additionally, some DeFi platforms offer yield farming and staking opportunities with stablecoins, allowing investors to earn interest on their holdings.

Stablecoins have emerged as a crucial bridge between traditional finance and the world of cryptocurrencies. Their stability, versatility, and use in various financial applications make them valuable to the digital asset landscape.

Users and issuers of these cutting-edge digital currencies should be vigilant of the ever-changing regulatory landscape and the inherent risks they carry. As the dynamics of stablecoins progress, their significance in the financial realm is poised to become even more pronounced.

Continued here:

Understanding Stablecoins And Their Impact On Modern Finance - The Coin Republic

As the Web3 world evolves, so too do scam techniques. As crypto literacy continues to grow among all demographics, scammers are developing new approaches and refining old tricks to bilk victims out of their assets.

One of the newer schemes is referred to as the honeypot scam. This tactic may have a soft name, but can create severe losses.

The term honeypot is commonly used in cybersecurity to describe a deceptive setup designed to attract individuals.

Honeypot scams include several fraudulent schemes. One of them involves smart contracts that feign a design flaw that allows any user to extract Ether (ETH) Ethereums native currency from the contract by sending a certain amount of Ether in advance. However, when a user attempts to exploit this apparent vulnerability, a hidden trapdoor, unbeknownst to the user, thwarts the attempted Ether siphoning. The primary goal is to focus the users attention solely on the visible vulnerability while hiding any evidence of a secondary vulnerability within the contract.

The scam operates by luring victims using an apparently easy-to-access wallet. For example, the wallets recovery phrase may have been leaked. Victims try to access it, thinking they can transfer funds from this wallet. To make the transaction to their own wallet, victims must often deposit a native network token to cover the transaction fees. However, a script or sweeper bot swiftly redirects these tokens elsewhere before the victim can act.

To identify such scams, crypto holders should look for unsolicited seed phrase shares, immediate wallet transfers upon deposit, or unfamiliar direct messages on social platforms.

Honeypot schemes can be easily detected by Web3 Antivirus (W3A), a browser extension that can perform a smart contract and token analysis in real time. The tool can integrate with Chrome, Firefox, Brave and Edge, enabling crypto users to interact safely with decentralized finance (DeFi) and Web3 applications.

Web3 Antivirus constantly updates to keep pace with scammers and their freshest schemes. In one of its latest updates, version 0.10, the tool significantly improved the precision of honeypot detection. The antivirus can identify the exact type of honeypot that users encounter, keeping them away from potential losses.

Besides honeypots, version 0.10 introduced the detection of the following new scams:

The Web3 security tool detects sketchy moves not only of a contract the user may interact with, but of all related contracts. Thus, it can see if a contract had been involved in rugpulls, Ponzi schemes, terrorism financing, spam or theft.

Source: Web3 Antivirus

At the beginning of September, W3A also released version 0.11, the most up-to-date upgrade. It brings more clarity to transaction details, showing possible decentralized exchange (DEX) pairs and their liquidity whenever users want to buy ERC-20 tokens.

The latest version also monitors transaction tax fees, alerting users whenever the commission exceeds 15%, while anything above 50% is flagged as a honeypot scam altogether.

From now on, Web3 Antivirus is also available for the Spanish-speaking audience, and its localization specialists are working to extend the language options.

Thanks to Web3 Antivirus, the Web3 space is safer, which is essential for mass adoption. Scam techniques like honeypots, permit attacks and phishing are quickly detected by this tool, preventing crypto users from potential losses.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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This security tool can detect honeypots and other Web3 scams - Cointelegraph

THORSwap suspends platform following FTX hack tied to trades

Key Takeaways

THORSwap, a decentralized exchange (DEX) that operates on the multichain THORChain infrastructure, has initiated a maintenance mode in order to impede the transfer of illicit cash by malicious entities on the network.

On October 6th, THORSwap implemented a state of maintenance mode as an urgent response to mitigate the potential transfer of illicit cash. The decision was made subsequent to consultations with advisors, legal counsel, and law enforcement, as indicated in the initial notification.

However, many supporters of DeFi and decentralized crypto services will note the level of control and censorship this took.

THORSwap did not immediately respond to a request for comment.

Although the decision to temporarily suspend the platform was met with disapproval from the majority of the community, it was made with the intention of ensuring the long-term satisfaction of the DEXs clients. The corporation did not provide any additional details regarding the ongoing investigations and measures for remediation.

This action was taken after the alleged FTX hacker transferred 22,500 ETH ($38 million) this week, including ether for Bitcoin via ThorChain. The FTX hacker has approximately 163,000 ETH ($275 million) in Ether spread across multiple wallets and is renowned for suspicious withdrawals from the defunct crypto exchange FTX.

The vulnerabilities of smart contracts remain a prominent avenue via which malicious individuals exploit the DeFi market to misappropriate cash.

In contemporary practice, it has become practically obligatory for these projects to use the services of a third-party auditing firm to execute smart contracts, therefore significantly enhancing their security.

Furthermore, the emergence of crypto insurance has become increasingly prominent since it safeguards investors in the event of a theft. The DeFi market is currently facing a pressing need for enhanced protection measures, owing to the increasing number of attackers targeting new participants in this widely sought-after domain.

According to THORSwap, the contemporary decentralized economy presents a notable paradox wherein centralized exchanges predominantly facilitate cross-chain asset trades.

In order to establish an economic system immune to censorship, the implementation of decentralized exchanges (DEXs) is needed.

Numerous decentralized exchanges, such as Uniswap, primarily facilitate trading for a limited number of assets inherent to a singular blockchain. An example of a DEX is SushiSwap, which functions on the Ethereum blockchain and exclusively facilitates transactions involving ERC-20 tokens.

While single-chain DEXs offer utility, their capacity to facilitate the exchange of local assets between different blockchain networks hinders the expansion of decentralized economies.

According to a statement made by the US Treasury Department in April, DeFi services that do not adhere to anti-money laundering and countering the financing of terrorism (AML/CFT) rules provide a substantial risk of facilitating illicit finance. This is due to the simplicity with which criminals can exploit these services.

As per the research from the government agency, DeFi services are required to adhere to anti-money laundering and countering the financing of terrorism regulations, irrespective of their assertion of being fully decentralized, as they are still classified as financial institutions under the Bank Secrecy Act (BSA).

The regulatory framework around decentralized exchanges is currently developing and remains mostly ambiguous. DEXs provide distinct regulatory problems due to their operational structure, which lacks a central authority.

Applying traditional regulatory frameworks to DEXs is typically challenging due to the absence of a centralized body that can be held responsible.

The absence of a centralized authority poses challenges for regulatory entities in effectively implementing conventional compliance protocols, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) verifications.

Nevertheless, the increasing popularity of DEXs and the potential hazards they provide to users and the broader financial system have prompted regulators to intensify their investigation.

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THORSwap DEX Proves in One Move that DeFi is Not Decentralized - CCN.com