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👉👉👉 Why #multichain Compatibility Could Deliver the True Promise of #Web3 Interoperability DeFi Evolution: From Cross-Chain Bridges to Multi-Chain Interoperability DeFi has evolved since the 2020/2021 yield farming boom, initially dominated by Ethereum but shifting to Layer 1 blockchains like Solana and Layer 2 networks such as Optimism due to high transaction fees. This shift, while improving accessibility, introduced interoperability challenges. Interoperability Challenges Early DeFi apps were limited to single blockchains, complicating asset transfers. Developers created cross-chain bridges using smart contracts to facilitate asset movement between blockchains. However, these bridges have significant security vulnerabilities. Security Issues with Cross-Chain Bridges In 2022, 70% of DeFi hacks involved cross-chain bridges (Chainalysis). Vulnerabilities in their smart and storage contracts make them prime targets, with notable hacks including the Nomad bridge ($200 million) and the Fantom bridge (over $100 million). High-profile hackers, like North Korea’s Lazarus Group, have exploited these weaknesses. Transition to Multi-Chain Interoperability DeFi is shifting towards secure multi-chain interoperability to address security issues. Multi-chain DApps enhance composability across blockchains without security risks, supported by protocols like Compound and Uniswap. Layer 2 networks such as Prom's ZKEVM offer seamless multi-chain compatibility and secure transactions via ZK rollup technology, showcasing significant potential. Vitalik Buterin’s Perspective Ethereum co-founder Vitalik Buterin supports multi-chain blockchains but is skeptical of cross-chain applications due to security risks. He advocates for a multi-chain ecosystem to better serve diverse community needs. Conclusion DeFi is moving from cross-chain bridges to multi-chain interoperability to improve security and usability. Future advancements will focus on seamless multi-chain solutions and enhanced privacy, promoting broader adoption in the Web3 era. Source - thenewscrypto.com

👉👉👉 Why #multichain Compatibility Could Deliver the True Promise of #Web3 Interoperability


DeFi Evolution: From Cross-Chain Bridges to Multi-Chain Interoperability

DeFi has evolved since the 2020/2021 yield farming boom, initially dominated by Ethereum but shifting to Layer 1 blockchains like Solana and Layer 2 networks such as Optimism due to high transaction fees. This shift, while improving accessibility, introduced interoperability challenges.

Interoperability Challenges

Early DeFi apps were limited to single blockchains, complicating asset transfers. Developers created cross-chain bridges using smart contracts to facilitate asset movement between blockchains. However, these bridges have significant security vulnerabilities.

Security Issues with Cross-Chain Bridges


In 2022, 70% of DeFi hacks involved cross-chain bridges (Chainalysis). Vulnerabilities in their smart and storage contracts make them prime targets, with notable hacks including the Nomad bridge ($200 million) and the Fantom bridge (over $100 million). High-profile hackers, like North Korea’s Lazarus Group, have exploited these weaknesses.

Transition to Multi-Chain Interoperability


DeFi is shifting towards secure multi-chain interoperability to address security issues. Multi-chain DApps enhance composability across blockchains without security risks, supported by protocols like Compound and Uniswap. Layer 2 networks such as Prom's ZKEVM offer seamless multi-chain compatibility and secure transactions via ZK rollup technology, showcasing significant potential.

Vitalik Buterin’s Perspective


Ethereum co-founder Vitalik Buterin supports multi-chain blockchains but is skeptical of cross-chain applications due to security risks. He advocates for a multi-chain ecosystem to better serve diverse community needs.

Conclusion


DeFi is moving from cross-chain bridges to multi-chain interoperability to improve security and usability. Future advancements will focus on seamless multi-chain solutions and enhanced privacy, promoting broader adoption in the Web3 era.

Source - thenewscrypto.com

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👉👉👉 $XRP Price Grinds Lower: Searching for Support Amid Downtrend XRP Price Analysis and Market Outlook XRP has experienced extended losses, falling below the $0.5220 support zone and testing the $0.5120 support. It is currently attempting a recovery towards $0.550. Current Situation: - Price Struggle: XRP is struggling to increase above the $0.5320 resistance. - Trading Levels: It is below $0.530 and the 100-hourly Simple Moving Average (SMA). - Bearish Trend Line: A major bearish trend line is forming with resistance near $0.5230 on the hourly chart (source: Kraken). Key Analysis: - Short-Term Bearish Zone: Similar to Bitcoin and Ethereum, XRP has remained bearish. The price dropped below $0.5220, testing $0.5120 support. A low of $0.5126 was formed, and the price is attempting to recover, moving above $0.5165 and the 23.6% Fib retracement level. - Resistance and Potential Growth: XRP faces resistance at $0.5220 and $0.5230. The first key resistance is at $0.5265, around the 50% Fib retracement level of the recent downward wave. A close above $0.5265 could lead to higher targets at $0.5320, $0.5450, and potentially $0.5650. Downside Risks: - Support Levels: Initial support is near $0.5150, with major support at $0.5120. A break below $0.5120 could lead to a retest of the $0.50 support. - Technical Indicators: The hourly MACD is losing pace in the bearish zone, and the RSI is below 50. Support and Resistance Summary: - Major Support Levels: $0.5120, $0.500 - Major Resistance Levels: $0.5220, $0.5320 Overall, while XRP is currently facing resistance and is trading below key moving averages, a break above the $0.5265 resistance could signal a potential recovery. However, failure to clear these resistance levels could lead to further declines. Source - newsbtc.com #CryptoNews🔒📰🚫 #BinanceSquareTalks #cryptocurrency
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🔥🔥🔥 #BitcoinSpotETFs See Significant Net Inflows, Reaching $48.706M on May 30! Key Points: - Bitcoin spot ETFs witnessed a net inflow of $48.706 million on May 30, marking thirteen consecutive days of positive inflows. - Fidelity’s FBTC ETF led the pack with an impressive single-day inflow of $119 million, indicating robust investor interest. - Cumulative net inflows for Bitcoin spot ETFs have reached an impressive $13.809 billion, signaling growing mainstream acceptance. Bitcoin spot ETFs registered a noteworthy net inflow of $48.706 million, extending a streak of thirteen consecutive days with positive inflows. This consistent uptrend underscores the increasing investor confidence and interest in Bitcoin as a mainstream financial asset. Fidelity’s Bitcoin ETF (FBTC) stood out with a substantial single-day inflow of $119 million, reaffirming Fidelity's strong market position and appeal to investors seeking regulated exposure to Bitcoin. Grayscale Bitcoin Trust (GBT ), another major player, experienced a neutral single-day outflow of $0.00, suggesting stability and minimal selling pressure for Grayscale’s product. The cumulative net inflow for Bitcoin spot ETFs has now surpassed $13.809 billion, reflecting increasing institutional acceptance and adoption of Bitcoin ETFs as legitimate investment vehicles. The sustained inflows over the past thirteen days indicate consistent investor demand for Bitcoin exposure. The continuous influx of funds into Bitcoin spot ETFs bodes well for the #cryptocurrency market, potentially driving further price appreciation and market maturity. It underscores investors' confidence in Bitcoin's long-term prospects despite the market's inherent volatility. Source - coincu.com #CryptoTrends2024 #BinanceSquareBTC
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👉👉👉 JUST IN: #SEC Issues Statement on Ethereum ETFs – Big Day Tomorrow, Sources Say The US Securities and Exchange Commission (SEC) has reportedly instructed companies issuing spot Ethereum ETFs to submit draft S-1 forms by the week's end, marking a crucial step toward approval for these financial products. Following the approval of forms 19b-4 on May 23, a significant milestone, the next step in the process is for S-1 forms to be finalized. However, due to last-minute changes from the SEC, companies were unable to prepare these forms in advance. Upon receiving the draft S-1 filings, the SEC will provide initial feedback, prompting further adjustments, according to sources familiar with the matter. Despite the initial setback, the process is progressing well. VanEck and #BlackRock were quick to respond to the ETF approval, with VanEck filing a modified version of its S-1 form and BlackRock detailing a $10 million funding for its #ETF✅ on May 30. While seed investment details are relatively straightforward to include, other aspects of the forms may require more time. Some sources anticipate at least two more rounds of draft filings before the S-1 forms are ready. Analysts predict that completing S-1 forms will take several weeks, possibly extending to several months if the process proceeds slowly. However, some traders view the delay positively, as it allows for more thorough scrutiny and may contribute to a more stable market once trading begins. *This is not investment advice. Source - en.bitcoinsistemi.com
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🔥🔥🔥 Open sourcing lets #Developers explore beyond initial ideas: #TrustWallet Luis Ocegueda, head of engineering at TrustWallet , introduced Barz, an open-source smart wallet solution compatible with ERC-4337, in an interview with Cointelegraph. Released on May 29, Barz aims to help developers address wallet challenges and enhance Web3 adoption by offering features such as account recovery, flexible key management, and signature migration. Trust Wallet's decision to open-source Barz aligns with the crypto ethos of transparency and accessibility. Ocegueda emphasized that this approach builds trust and provides user assurance. He stated, "Open-sourcing our code goes in line with crypto principles, making it available and decentralizing it." Ocegueda highlighted that open-sourcing Barz allows developers to explore possibilities beyond Trust Wallet’s original vision. "Trust Wallet has its own roadmap, but open-sourcing gives other developers a chance to innovate in ways we may never have considered," he explained. He believes the broader crypto community can experiment with Barz, implementing it in innovative ways. Ocegueda pointed out that while numerous infrastructure solutions are emerging, the industry should focus on cohesive utilization of these tools. "We have elegant cryptography, engineering, and consensus, but we're not yet delivering a cohesive product that really changes things," he remarked. Ocegueda envisions a future where users benefit from crypto applications without needing to understand the underlying technologies. "Users won’t need to worry about what a wallet or #Blockchain is. These technologies will be available to those interested but won't be a prerequisite for experiencing the benefits," he added. In summary, Trust Wallet's Barz is a step towards making crypto technologies more accessible and user-friendly, encouraging broader experimentation and innovation within the community. Source - cointelegraph.com
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💥💥💥 Cardano ($ADA ) Is In Catastrophic State, Bitcoin ($BTC ) Future to Surprise You, Solana ($SOL ) Can Still Be Saved: Here's How Cardano (ADA) is currently facing significant challenges, with its price trading below key moving averages on midterm charts. This indicates a bearish trend and reflects a lack of confidence in ADA among investors. The competition within the #Blockchain ecosystem, especially with more established platforms like #Ethereum and Solana, is one of the primary reasons behind ADA's decline. Bitcoin (BTC) recently surpassed $70,000 but struggled to maintain its position above this level. The market reaction to the #EthereumETF approval has been mixed, contributing to volatile price movements. BTC is currently consolidating around $67,500 and is attempting to stay above key moving averages. Wild fluctuations in trading volume suggest uncertainty among traders. On the other hand, Solana (SOL) has shown resilience despite market downturns. Although SOL encountered resistance at $165, it has held above critical support levels, indicating a potential bullish trend. Decreasing bearish volume and steady buying interest suggest a possible recovery in the near future. However, SOL needs to maintain support above $150 to avoid a potential decline. Source - u.today #cryptocurrency #BinanceSquareAnalysis
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