multichain
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Multichain, a platform that offers cross-chain services with a total value locked (TVL) of $1.4 billion, has recently run into serious trouble. In May 2023 the CEO of Multichain passed away.
#multichain
#multichain
👉👉👉 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
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
🎁✅LIT/USDT LONG💰💡
🔥Follow for more updates and accurate trading signals 💵
RETEST
Limit order
Entry: 0.726
CANCEL IF 4H ABOVE TP3 PRICE
TP:
1) 0.733
2) 0.747
3) 0.769
4) 0.808
5) 0.852
SL: 0.483
#multichain #askanda #bitcoinhalving #Binanceturns6 #GOATMoments
🔥Follow for more updates and accurate trading signals 💵
RETEST
Limit order
Entry: 0.726
CANCEL IF 4H ABOVE TP3 PRICE
TP:
1) 0.733
2) 0.747
3) 0.769
4) 0.808
5) 0.852
SL: 0.483
#multichain #askanda #bitcoinhalving #Binanceturns6 #GOATMoments
Three tokens that are going to be delisted from
@Binance exchange-
1. MultichainOrg - $MULTI
2. AragonProject - $ANT
3. monero - $XMR
#multichain #MULTI #Monero #ANT
@Binance exchange-
1. MultichainOrg - $MULTI
2. AragonProject - $ANT
3. monero - $XMR
#multichain #MULTI #Monero #ANT
10 Web3 Nuggets to Keep You Soaring as a Highflyer! 💡🌐✨
1️⃣ Embrace Decentralization: Web3 empowers you to participate in a decentralized world, where control and ownership are in your hands! 🌍🔐
2️⃣ Explore Blockchain: Dive into the fascinating world of blockchain technology, understanding its potential for transparency, security, and efficiency! ⛓️🔒💡
3️⃣ Token Economy: Get familiar with tokenomics, as digital assets play a pivotal role in Web3 ecosystems, driving incentives and value creation! 💰📈💎
4️⃣ NFT Craze: Discover the excitement of Non-Fungible Tokens, where unique digital assets open doors to creativity, art, collectibles, and beyond! 🎨🔥🔖
5️⃣ Metaverse Marvels: Step into the metaverse, an immersive virtual world that blurs the lines between reality and digital experiences. Get ready for mind-blowing possibilities! 🌌🎮🌐
6️⃣ Smart Contracts: Unleash the power of programmable contracts, revolutionizing agreements, and enabling trustless interactions. Automation is the key! ⚡📄🤝
7️⃣ DeFi Delights: Explore the wonders of decentralized finance, where traditional banking services meet blockchain technology, offering new ways to save, invest, and earn! 💸💰🌐
8️⃣ DAO Revolution: Dive into the world of Decentralized Autonomous Organizations, where communities come together to make collective decisions and drive projects forward! 👥🏛️🌍
9️⃣ Privacy Matters: Understand the importance of privacy and explore Web3 solutions that prioritize data protection and user sovereignty. Take control of your digital footprint! 🔒🔐🕶️
🔟 Web3 Wallets: Secure your digital assets with user-friendly wallets that enable you to manage, store, and interact with cryptocurrencies and tokens! 💼🔐💳
$LTC $SOL $PEPE
#multichain #GOATMoments #MultiversX
2️⃣ Explore Blockchain: Dive into the fascinating world of blockchain technology, understanding its potential for transparency, security, and efficiency! ⛓️🔒💡
3️⃣ Token Economy: Get familiar with tokenomics, as digital assets play a pivotal role in Web3 ecosystems, driving incentives and value creation! 💰📈💎
4️⃣ NFT Craze: Discover the excitement of Non-Fungible Tokens, where unique digital assets open doors to creativity, art, collectibles, and beyond! 🎨🔥🔖
5️⃣ Metaverse Marvels: Step into the metaverse, an immersive virtual world that blurs the lines between reality and digital experiences. Get ready for mind-blowing possibilities! 🌌🎮🌐
6️⃣ Smart Contracts: Unleash the power of programmable contracts, revolutionizing agreements, and enabling trustless interactions. Automation is the key! ⚡📄🤝
7️⃣ DeFi Delights: Explore the wonders of decentralized finance, where traditional banking services meet blockchain technology, offering new ways to save, invest, and earn! 💸💰🌐
8️⃣ DAO Revolution: Dive into the world of Decentralized Autonomous Organizations, where communities come together to make collective decisions and drive projects forward! 👥🏛️🌍
9️⃣ Privacy Matters: Understand the importance of privacy and explore Web3 solutions that prioritize data protection and user sovereignty. Take control of your digital footprint! 🔒🔐🕶️
🔟 Web3 Wallets: Secure your digital assets with user-friendly wallets that enable you to manage, store, and interact with cryptocurrencies and tokens! 💼🔐💳
$LTC $SOL $PEPE
#multichain #GOATMoments #MultiversX
"Multichain Drain/Rugpull: Concerns Arise as Multiple Bridges Drained in Suspicious Activity"
In a surprising turn of events, the Multichain platform has witnessed a sudden halt in activity, sparking suspicions of a potential hack or rugpull rather than a planned migration. Alarming reports have emerged of multiple bridges being drained, indicating a possible breach in the system's security. However, there is a silver lining as it seems that there is no immediate need to revoke approvals.
https://etherscan.io/tx/0xde3eed5656263b85d43a89f1d2f6af8fde0d93e49f4642053164d773507323f8
The timeline of events paints a concerning picture:
4:21 PM UTC - First Suspicious Transaction: A transaction is sent, raising eyebrows regarding its nature and intent. Link to transaction
6:33 PM UTC - Draining of 30MM WBTC from Multichain Bridge: Disturbingly, a significant amount of Wrapped Bitcoin (WBTC) and other assets are withdrawn from the Multichain bridge. Link to transaction
7:06 PM UTC - PeckShield's Warning: Renowned blockchain security firm, PeckShield, tweets about the situation, further fueling concerns among the crypto community. Link to tweet
7:35 PM UTC - LayerZero Denies Involvement: LayerZero, a prominent blockchain infrastructure provider, confirms that they are not directly involved in the suspicious activities, adding another layer of uncertainty to the situation.
7:46 PM UTC - Drainage of Moonriver Bridge: The draining spree expands as the Multichain Moonriver bridge falls victim to the mysterious transactions. Link to transaction
8:05 PM UTC - Draining of Dogechain Bridge: The Multichain Dogechain bridge becomes the next target of the ongoing drainage, deepening concerns about the extent of the breach. Link to transaction
The series of events has left the cryptocurrency community on edge as they await further information about the motives behind these suspicious activities. The draining of multiple bridges suggests a coordinated effort to siphon funds from the Multichain ecosystem.
Despite the gravity of the situation, there is some relief in the fact that approvals do not require immediate revocation. However, it is crucial for users and stakeholders to exercise caution and closely monitor developments surrounding Multichain to safeguard their assets.
As investigations unfold, the Multichain team must work swiftly to identify the root cause of these incidents, enhance security measures, and provide transparent updates to regain the trust of their users and the wider cryptocurrency community.
#hackers #rugpull #multichain #MULTI $MULTI
https://etherscan.io/tx/0xde3eed5656263b85d43a89f1d2f6af8fde0d93e49f4642053164d773507323f8
The timeline of events paints a concerning picture:
4:21 PM UTC - First Suspicious Transaction: A transaction is sent, raising eyebrows regarding its nature and intent. Link to transaction
6:33 PM UTC - Draining of 30MM WBTC from Multichain Bridge: Disturbingly, a significant amount of Wrapped Bitcoin (WBTC) and other assets are withdrawn from the Multichain bridge. Link to transaction
7:06 PM UTC - PeckShield's Warning: Renowned blockchain security firm, PeckShield, tweets about the situation, further fueling concerns among the crypto community. Link to tweet
7:35 PM UTC - LayerZero Denies Involvement: LayerZero, a prominent blockchain infrastructure provider, confirms that they are not directly involved in the suspicious activities, adding another layer of uncertainty to the situation.
7:46 PM UTC - Drainage of Moonriver Bridge: The draining spree expands as the Multichain Moonriver bridge falls victim to the mysterious transactions. Link to transaction
8:05 PM UTC - Draining of Dogechain Bridge: The Multichain Dogechain bridge becomes the next target of the ongoing drainage, deepening concerns about the extent of the breach. Link to transaction
The series of events has left the cryptocurrency community on edge as they await further information about the motives behind these suspicious activities. The draining of multiple bridges suggests a coordinated effort to siphon funds from the Multichain ecosystem.
Despite the gravity of the situation, there is some relief in the fact that approvals do not require immediate revocation. However, it is crucial for users and stakeholders to exercise caution and closely monitor developments surrounding Multichain to safeguard their assets.
As investigations unfold, the Multichain team must work swiftly to identify the root cause of these incidents, enhance security measures, and provide transparent updates to regain the trust of their users and the wider cryptocurrency community.
#hackers #rugpull #multichain #MULTI $MULTI