dYdX Chain Implements Trading Rewards for Validators and Stakers

The dYdX Chain has implemented trading rewards for validators and stakers on its Cosmos-based Layer 1 platform, following the full trading launch of the protocol. Validators and stakers now receive 100% of the protocol’s trading fees as rewards, and the platform has witnessed significant trading activity. Plans for expansion into new markets and a proposed incentive program aim to attract a larger user base and incentivize early adoption.

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Hacker Demands Control of Kyber Network in $48 Million Drain

A hacker, known as “Kyber Director,” has demanded complete control over Kyber Network after executing a $48 million drain of KyberSwap through an open letter transmitted via an Ethereum transaction. The hacker seeks control over the company’s governance DAO, access to internal documentation, and the forfeiture of assets. They promise improved conditions for non-executive employees and propose buying out current executives. Kyber Network has until December 10 to respond to the hacker’s demands, and Decrypt’s attempts to obtain comments from both parties have been unanswered, leaving the situation uncertain.

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Ethereum-based DeFi Protocol Blast Faces Scrutiny Over Security and Transparency

Blast, an Ethereum-based decentralized finance (DeFi) protocol, is facing scrutiny due to security concerns and transparency issues. The protocol has locked up nearly $350 million in assets, raising concerns about potential mismanagement or misuse. Critics have identified vulnerabilities in Blast’s code, particularly its allowance for no-limit withdrawals of staked funds. This has sparked a broader discussion about the necessity for regulatory oversight in the DeFi sector. Blast has responded by highlighting its security model, including upgradeable contracts and multisig security. However, the wider crypto community remains skeptical, questioning the reliance on multisig setups without timelocks or full transparency. The incident highlights the need for robust security measures and regulatory oversight in the DeFi industry.

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Decentralized Finance Platform Jito Unveils Governance Token JTO

Jito, a decentralized finance platform on the Solana blockchain, has introduced its governance token, JTO, allowing holders to participate in decision-making for the liquid staking protocol, with plans to airdrop tokens to existing users to incentivize early adoption. The operations of Jito will be overseen by a foundation based in the Cayman Islands, which aims to engage the community by airdropping 100 million JTO tokens. Holders of JitoSOL tokens can earn Jito Points for rewards, and the specific timeframe for the JTO token airdrop is yet to be disclosed. Other Solana protocols, Pyth and Jupiter, have also conducted similar airdrops recently.

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Ethereum Layer-2 Network Blast Gains Traction with $405M TVL

The Ethereum layer-2 network, Blast, has rapidly gained traction in the crypto community, with a total value locked (TVL) exceeding $405 million shortly after its recent announcement. However, concerns have been raised about Blast’s referral program, high yields, security, and potential staking risks. Decrypt reached out to Blast for comment but has not received an immediate response. Nonetheless, investors continue to deposit large amounts of crypto into Blast, indicating significant interest and trust in the project.

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Opyn CEO and Co-founder Steps Down Amid Regulatory Action

Zubin Koticha, the co-founder and CEO of Opyn, has resigned from his position due to regulatory scrutiny, along with another member of the company, Alexis Gauba. Opyn is currently facing legal challenges from the Commodity Futures Trading Commission (CFTC) and has agreed to a settlement of $250,000. As a result of these developments, Andrew Leone will take over as CEO. The announcement of the resignations and regulatory challenges has led to a 0.71% decline in Opyn’s Squeeth token price, with the company’s market value cap currently standing at $14,361.21, reflecting a downward trend of 62.36%.

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