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You are here: Home / Archives for avalanche

avalanche

Avalanche Network Upgrade Boosts AVAX 22% In 7 Days & 180% In Trading Volume

February 3, 2023 by Saeed Ul Hassan

Avalanche (AVAX) has been experiencing growth, fueled by its recent partnerships with tech giant Amazon and finance platform Intain over the past few weeks. 

However, the network’s latest upgrade has also played a key role, propelling AVAX to reach new highs with a remarkable 18% increase over the past 24 hours.

Despite being impacted by the widespread price drops in the crypto market during the final quarter of the previous year, Avalanche (AVAX) has been making waves as one of the strongest performers in recent weeks. 

With a 22% increase in the past week and a remarkable 40.6% growth in the last two weeks, the altcoin has demonstrated its resilience and potential for continued success.

AVAXUSDT 2023 02 02 08 06 41
Source: Tradingview

According to the data from CoinMarketcap, AVAX is trading at $22.13, with an astonishing 112% boost in trading volume over the last 24 hours. It comes on the heels of a tremendous 30-day period, where the token’s value skyrocketed by a remarkable 99%, per CoinGecko’s statistics.

AV
Source: CoinMarketcap

Technically, the token’s price may continue to rise toward the $24 level or even $26. However, it is essential to note that if the price fails to clear the $22 resistance, it could continue to move down toward the support at $18.

Avalanche (AVAX) Price Driving Factor

AVAX’s impressive rally is spilling over into other areas of its ecosystem, as Avalanche, the blockchain platform for decentralized finance, has released version 1.9.8, known as Banff 8. 

According to Patrick O’Grady, the update includes PROXY Protocol v1/v2 support and optimized P-Chain validator lookup, as well as a new P2P network client helper utility.

🛠️ 🛠️ #Avalanche Banff 8 is out: https://t.co/vUveFLzWh3 🛠️ 🛠️

This version (v1.9.8) is backwards compatible to v1.9.0. It is optional but recommended.

🔍 Release Focus: PROXY Protocol v1/v2 Support + Optimized P-Chain Validator Lookup + P2P Network Client Helper pic.twitter.com/8mEhSVQuID

— Patrick O'Grady 🔺 (@_patrickogrady) February 1, 2023

Banff 8 is backward compatible with version 1.9.0, but its use is recommended for optimal performance. The update does not affect custom virtual machine interfaces, and users running version 1.9.7 do not need to upgrade to Banff 8.

One of the key features of Banff 8 is the support for P2P traffic proxied through the PROXY Protocol, allowing validators to implement custom networking logic and protect their node from specific inbound connections or traffic.

Additionally, the update significantly reduces the latency of getCurrentValidators by 80% through better caching of delegator information. In a future release, getCurrentValidators will only return delegators if specific NodeIDs are provided.

image 9

Lastly, Banff 8 introduces a P2P network client helper utility, making it easier for applications to connect directly to the Avalanche mesh network and exchange messages with validators without running a full node. This utility can be used to build network monitoring tools, stateless clients, and even Avalanche Warp Messaging relayers.

Related Reading | Zhidu Technology Takes Impairment Provision for Bitcoin Investment, Totaling $16M

Filed Under: News, Altcoin News Tagged With: avalanche, AVAX, Price Analysis

Avalanche (AVAX) Rises 24% in Last 24 Hours Following AWS Partnership

January 12, 2023 by Mishal Ali

According to the official Avalanche Medium blog post, Ava Labs has teamed up with leading cloud provider, AWS, to bring scalable solutions to both enterprises and governments in a significant development for the blockchain industry.

The Avalanche (AVAX) token has seen significant gains, with a 24% increase in the last 24 hours due to this partnership. It has led to the token reaching heights, surpassing its previous record approximately two months ago, as seen in both daily and weekly charts, and it’s currently on the top of the daily gainers’ list.

AVAX has been performing exceptionally well in the market, with a 28.88% increase in value over the past week, according to Coinmarketcap. Additionally, its trading volume has seen significant growth of 378.89% in the past 24 hours. As a result, the token’s market capitalization has also risen by 23.41%.

Avalanche New Infrastructure Features’ Launch On AWS

Under this partnership, Avalanche node operators can now run on AWS GovCloud, meeting the compliance requirements of FedRAMP regulations. 

Furthermore, Ava Labs plans to introduce Subnet deployment as a managed service on the AWS Marketplace, enabling easy access to custom Subnets for individual and institutional users.

It aims to include a feature that spreads out validators responsible for securing the Subnet to different regions and availability zones. This strategy is aimed at increasing the strength and stability of the network.

Additionally, Ava Labs has taken another step forward in its development by joining the AWS Partner Network (APN). As a member of APN, the company can now assist its clients in deploying tailored solutions on AWS, which are linked to over 100,000 partners in over 150 countries.

Emin Gün Sirer, Founder and CEO of Ava Labs, stated that the ability for developers to quickly launch nodes and test networks on AWS in various legal jurisdictions had been a major advantage. 

However, this partnership with AWS simplifies launching and managing nodes on Avalanche, enhancing the network’s strength and versatility for developers. Furthermore, being a member of AWS Activate, Ava Labs extends AWS credits to developers in the Avalanche ecosystem.

VP and Global Head of Startups, AWS, Howard Wright, said:

At AWS, we are all about bringing the most cutting-edge technologies to builders, no matter if they sit in a multi-million-dollar enterprise, a government office, or a dorm. The new capabilities brought by Avalanche enable us to do just that.

In addition to technical collaborations, they are also working together on events for entrepreneurs and developers, including the Avalanche Summit, Avalanche Creates, and hackathons. These events are designed to assist people of all skill levels in achieving their goals of building on Avalanche.

Related Reading |  Bonk Expresses Disappointment In Hope Of Highlighting Solana Composability 

Filed Under: News, Altcoin News Tagged With: ava labs, avalanche, AWS

Will Avalanche DEX’s Sustain Rally Bolster AVAX?

January 7, 2023 by Lipika Deka

Avalanche-based DEX Trader Joe’s had a remarkable performance last year, data from Dune Analytics revealed. For instance, its trading volume in the month of Dec was the highest and has since maintained its momentum.

In the swap volume statistics, the pair GMX/WETH occupied the top spot and the USDC/WETH pairing comes in second.

The protocol’s trading volume per liquidity pool was then examined, and a fair number of transactions were found, which is proof of its strong liquidity.

Screenshot 2023 01 06 161609
Will Avalanche DEX's Sustain Rally Bolster AVAX? 5

In addition to its initial purpose as a typical Defi platform, the AMM that trades on the AVAX blockchain has launched other services including lending, leveraging, staking, farming, and other activities.

It has developed into a one-stop shop that tries to address concerns the Defi sector faces, including capital efficiency.

Trader Joe version 2, based on a novel Automated Market Maker [AMM] architecture, has reached a TVL of over $7 million.

The DEX also just released Liquidity Book, version 2 of its Automated Market Maker. It boasts that by enabling liquidity providers to collect trading fees within a particular price range, it hopes to increase its efficiency.

All these can act as a catalyst in the AVAX price action which dropped by a staggering 90%, leaving many investors scratching their heads.

The more transactions there are on the DEX, the more money flows into Avalanche. Overall, this might boost the price of AVAX and give holders some respite from the loss they have amassed over the past few months.

Avalanche [AVAX] Ecosystem Is Gaining Traction Amidst Price Fall

The token did post some recovery on 5 Jan. with the price crossing the $12 mark but has fallen over 7% to trade at $11.43 as per data provided by CoinMarketCap.

The 18th-ranked token with a market cap of $3.5 billion is down by 4% in the last 24 hours.

Although the pricing of the cryptocurrency market has been highly gloomy over the past year, on-chain advancements are still going strong. Avalanche expanded its incentives program on December 30 to encourage the creation of dApps on the Avalanche ecosystem.

December also saw the integration of Coinbase’s USDC which will bring more people into Avalanche and the crypto economy. 

The AVAX ecosystem has also forged many significant alliances with HoldStation, a provider of SocialFi wallets, and Odos Protocol, who established a DEX aggregator on Avalanche.

Filed Under: Altcoin News, DeFi, News Tagged With: avalanche, AVAX, DeFi, Trader Joe

Avalanche’s Defrost Finance Protocol’s Refunding Process After Recent Exploit

December 28, 2022 by Mishal Ali

Defrost Finance, a DeFi protocol built on Avalanche, published a blog post on Medium today detailing the refunding process after retrieving the funds lost in its recent exploit.

According to the post, all stolen funds from V1 have been given back. Soon, the Defrost team will begin the process of returning these assets to their legitimate owners.

#DefrostFinance users are getting refunded.

Here's how 👇https://t.co/IqeSP5wovQ

— Defrost Finance 🔺 (@Defrost_Finance) December 27, 2022

The platform said yesterday that the V1 hacker had refunded the stolen money. To restore items to their rightful owners, they will begin analyzing the on-chain data to determine who had them before the breach.

Today, they revealed the refunding process and key stages that will be taken over the next few days. Firstly, at the on-chain market rate, all of the ETH at the address will be converted to stablecoins, preferably DAI. Along with that, all stablecoins will be transferred from ETH to Avalanche.

Moreover, the team will examine the data stored on-chain to discover who owned what before the attack. Upon completion of the scanning process, the information will be made public. 

However, the team stated that the next step is the implementation of a refunding smart contract. To the same addresses, legitimate users can request the return of their funds in stablecoins.

The Avalanche’s Protocol Hack

Early on December 23rd, the Avalanche-based protocol Defrost Finance claimed that the platform had been hacked, with an attacker taking money utilizing the flash loan feature.

The platform announced that its V2 product was compromised on December 24th. However, the next day they announced that the hacker had been able to breach the owner key of their V1 product, which wasn’t even affected by this incident initially.

Defrost Finance is sad to announce that our V2 has suffered a hack, with an attacker using a flash loan function to withdraw funds.

The V1 is not affected. We will soon close the V2 UI and investigate further with our tech team.

Updates will be posted on our official channels.

— Defrost Finance 🔺 (@Defrost_Finance) December 24, 2022

The blockchain analytics firm PeckShield tweeted on December 24th They got information from the local community alerting them to Defrost Finance’s rug pull. The loss is calculated to be $12 million based on their analysis, which reveals the addition of a bogus collateral token and the deployment of a malicious pricing oracle to liquidate existing customers.

Additionally, according to DefiLlama statistics, the total amount of funds locked on the protocol had decreased to less than $93,000 on December 25th from $13.16 million following the attack.

image 57
Source: DefiLlama

Related Reading | BTC.com Losses Over $2.7 Million in A CyberAttack

Filed Under: News, DeFi Tagged With: avalanche, Defrost Finance, Ethereum, Peckshield

Can Orbeon Protocol (ORBN) Compete With Avalanche (AVAX) and Polkadot (DOT)?

November 23, 2022 by Akash Anand

DSH1m zzVsPaAgTrXNqxesobmzvIOpYP LUJq68Q 0EmrVKP4TUZd82o6ICXcwQ C4Xy pD1wLrLubkfhbuKJX4oW ftY1H szFIX9aRm95A2CRgbVQkol1iIoApvcTI7L DuVy nUdMMkj5PXtyHEn13vZ5AsjsfHi5WUP7TEWPRD3bhcQhI86qjsFw

Orbeon Protocol (ORBN) is a decentralized investment platform that is looking to compete with the likes of Avalanche (AVAX) and Polkadot (DOT) in the blockchain space. All three of these projects are looking to build innovative new use cases that will change the way we do business. Notably, Orbeon Protocol (ORBN) is selling out during phase 2 of the public presale with 60x returns forecasted by market experts, but which one of these companies will come out on top?

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) is a blockchain-based platform that challenges the traditional venture capital model. With Orbeon Protocol (ORBN), any startup can raise funds through the sale of equity-based NFTs. This means that startups can raise funds without having to pay exorbitant fees or wait in lines for venture capital.

Orbeon Protocol (ORBN) also seeks to empower everyday investors, who otherwise may not have access to investing in startup opportunities. It means that those who often don’t have the financial means to invest in venture capital can still get the chance to be a part of something big.

By utilizing tokenization and smart contracts, Orbeon Protocol (ORBN) removes the middlemen and strict regulations that stunt innovation and cripple startups from reaching their full potential. The good news is that smart contracts are built to run in the background, so all transactions are handled in an efficient and secure manner.

The Orbeon platform’s native token, ORBN, gives holders significant advantages, including first access to F-NFT sales, governance voting rights, staking for passive income, invitation to private investing discussions, and reduced trading fees.

So, can Orbeon Protocol (ORBN) compete with these two industry giants? The answer is complicated and will depend on how quickly the project can deliver its product and gain user adoption. One thing is for sure, however – Orbeon Protocol (ORBN) is seeing explosive growth during its presale phase, with 30 million ORBN sold in the last few days. As well as this, the immense demand for ORBN during presale has led to massive price surges, with ORBN surging in price from $0.004 to $0.014. Analysts predict this could go as high as $0.24 during presale.

>>BUY ORBEON TOKENS HERE<<

Avalanche (AVAX)

Avalanche (AVAX) is a layer-1 blockchain platform that enables fast, secure, and low-cost transactions for any kind of digital asset. It is designed to offer up to 6,500 TPS (Transactions Per Second) with sub-second finality times.

While a direct competitor of Ethereum (ETH), Avalanche (AVAX) is built to be EVM compatible, so Avalanche still works with Ethereum’s smart contracts and dApps. This approach offers more flexibility to developers, which is why many companies are considering Avalanche for their projects.

Avalanche (AVAX) is already seeing adoption, with more than $1 billion locked in its network. This is more than most other layer-1 blockchains, including Cardano (ADA), Solana (SOL), and Cosmos (ATOM). For this reason, Avalanche has seen significant attention from investors as a strong contender, with many predicting a bullish future fir Avalanche.

Polkadot (DOT)

Polkadot (DOT) is a “heterogeneous” blockchain platform that allows different blockchains to connect and transact with each other in a secure, scalable, and interoperable way.

Unlike Ethereum (ETH), Polkadot (DOT) is designed from the ground up to be able to support multiple specialized blockchains, called “Parachains.” These Parachains can be customized to fit the specific needs of each project, allowing for more advanced applications and use cases of the Polkadot network.

Polkadot (DOT) is also seeing adoption, with Moonbeam, Acala, Astar, and Clover all joining its network. This demonstrates the potential of Polkadot (DOT) and is why many companies are considering it for their projects.

But while fundamentals are positive, the price of Polkadot (DOT) has been in a steady decline since its peak in November 2021. Investors may want to move away from Polkadot and go for other options with more upside.

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Filed Under: Press Release, Altcoin News Tagged With: avalanche, Blockchain, news, orbeon protocol

Avalanche and Orbeon set to be the biggest gainers in 2023

November 23, 2022 by Akash Anand

iGLvn0lH6QuVefM3iPoLbDqc1n mzN35El93Dre5Erz6VzUJOfzCpHyq1bXUYD6Dt RaDucUXNhz6pvnI ZZgKV4Hi42wWdpwKsqVmtX6BsyEdAgVPG4F7W1UyeOFADVDmI 19LBy392m t1l 2Tvy7EF81b9SSQdTT6hUXST2cgkaScy UmI6e7dthAk2DP

Will the crypto sector recover in 2023? Investor interest in cryptocurrencies has undoubtedly not waned, as history demonstrates that it does tend to revive after a prolonged decline. Nevertheless, the summer surge raises the possibility that Bitcoin will gain when interest rate increases ultimately reach their peak and sentiment improves in 2023. Two of the big gainers in 2023 could be Avalanche (AVAX) and Orbeon Protocol (ORBN).

>>BUY ORBEON TOKENS HERE<<

Avalanche (AVAX) is collaborating cleverly

Avalanche is a cutting-edge blockchain network that supports smart contracts execution and, more importantly, stands out for its great scalability. High scalability, high interoperability, and minimal fees are the hallmarks of this multi-chain architecture. Most often, Avalanche is employed in the context of decentralized financial services (DeFi).

The partnership with BLRD, a division of the firm that developed the Final Fantasy mobile game, stood out among Avalanche’s (AVAX) October collaborations.

Next year, BLRD will release its first Web3 game on the Avalanche (AVAX) network. In October, investors increased the price of Avalanche (AVAX), which is now trading at $18.20. This is its first significant price increase in a long time, similar to Cosmos (ATOM). According to experts, Avalanche (AVAX) will next aim for the $20 region, although selling pressure will start here. 

Orbeon (ORBN) is storming out of the gate

A blockchain-based investment platform called Orbeon Protocol (ORBN) promises to help startup businesses and the everyday investors. For the purpose of facilitating fundraising on blockchain networks, Orbeon Protocol creates an NFT of a company on the platform and fractionalizes it. This makes it possible for regular investors to put as little as $1 into some of the most promising firms in the world.

The Orbeon Protocol environment will have four main components.

  • Orbeon Trade is a decentralized platform that makes it simple and affordable for users to swap coins.
  • Businesses can raise funds using fractionalized reward-based or equity-based NFTs on the Orbeon Exchange.
  • Users will be able to purchase, swap, and hold cryptocurrencies and NFTs all in one spot using the Orbeon Wallet. Users will be able to sign up using fiat and cryptocurrency instantly, and the wallet will be decentralized.
  • Metaverse – Orbeon Protocol intends to investigate and interact with the metaverse, enabling virtual events for networking and much more.

The “fill or kill” method is a component of the Orbeon Protocol that eliminates the potential of rug pulls. Small investors can lose money when they sponsor projects that fall short of their funding goals. Orbeon Protocol uses a “Fill or Kill” mechanism to make sure that clients get a refund if a project doesn’t reach its financing target in order to remedy this issue.

>>BUY ORBEON TOKENS HERE<<

Summary

Orbeon Protocol is shaping up to be a complete package. The presale phase opened at the end of October, and in the first two days, some $400,000 worth of ORBN was sold. This is a strong indicator of just how well the market regards Orbeon. The current price is $0.0014 and experts are predicting that that will rise to $0.24 by the time the presale closes in January 2023. That’s impressive in any language. 

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Filed Under: Press Release, Blockchain Tagged With: avalanche, Blockchain, orbeon

Avalanche: Total Revenue Drops by 94.1%

October 11, 2022 by Goku

Avalanche’s network value climbed by 3.3%, but its overall income decreased by 94.1%, according to a Messari analysis. The third quarter of 2022 had a lot of ups and downs for (AVAX).

Avalanche remained committed to its objective to digitize all assets, improve the network’s functionality, and extend horizontally using architectural design and subnets throughout Q2 despite the general market drop. With the help of Core, a Web3 operating system, user access was increased.

With the launch of NFT markets like Trader Joe’s Joepegs and GameFi innovations, the ecosystem also proceeded to grow into DeFi and beyond. In the end, the Avalanche ecosystem’s growth continued, and the network kept its eye on the long term.

The daily transaction volume and transaction fees have decreased by 65.5% and 76.2%, respectively, despite the network’s integrations with platforms like Core, THORChain, and Boba Network showing increasing real-world usage, according to Messari.

1/ @avalancheavax's Q3 2022 focused on its vision to digitize all assets, enhance the network’s capabilities, and scale horizontally through architectural design and subnets.

Let's explore Avalanche's Q3.🧵 pic.twitter.com/zXXu2LLGvw

— Messari (@MessariCrypto) October 10, 2022

Avalanche Rush is also witnessing a downfall

Avalanche Rush, well-known decentralized finance (DeFi) incentive scheme, has also been losing value, with its total value locked (TVL) dropping by about 27% “in both USD and AVAX Quarter over Quarter (QoQ).”

Along with DeFi, AVAX’s market conditions for non-fungible tokens (NFT) were unfavorable. NFT sales volume and unique customers on the network have decreased by more than 88% and 34%, respectively. Data from Messari, however, shows that the number of unique sellers has climbed by 25%.

The AVAX network is a decentralized smart contract platform based on Proof-of-Stake (PoS). It distinguishes itself by developing and executing the “Avalanche consensus” consensus family. The Avalanche mainnet was introduced in September 2020, following years of study, and included the introduction of a multichain architecture employing three chains.

Additionally, the number of active addresses each day reversed the trend, falling from an estimate of 63,000 in Q2 to an average of 38,000 in Q3. 

The network’s average daily transaction fees fluctuated throughout 2021 and into Q1 2022 as the network’s use and financial indicators increased. Lower average transaction costs were made possible by a number of Apricot Phase 5 releases and Avalanche Go (Apricot Phase 6), which were both introduced in Q3.

Filed Under: Industry, News Tagged With: avalanche, AVAX

Avalanche ‘securitizes’ leading digital asset firm

September 14, 2022 by Aishwarya shashikumar

Cryptocurrencies, including blockchains like Avalanche, have done well in recent years and are attracting interest on a global scale. It’s impossible to predict with certainty what will happen to the cryptocurrency industry in 2023 and beyond, though. The significant barrier to its widespread adoption may be the extreme volatility and abrupt price fluctuations. Due to the rapid fluctuations in cryptocurrency pricing, you may instantly become a millionaire or lose all of your money.

Another example of how volatile the current crypto market is comes from the latest crypto market crash. Nearly all cryptocurrencies had a 50% value decline, however, not everyone is certain that the crypto collapse will be over by 2022. Cryptocurrencies in the pre-sale stage appear to be the ideal investment during this bad market. Crypto aficionados have never given up on the crypto-verse despite such frivolity. Securitize, the top company in the field of digital assets is one of these benevolent followers.

KKR to be tokenized on Avalanche blockchain

The $491 billion Health Care Strategic Growth Fund II (HCSG II) of asset management business KKR will be tokenized on the Avalanche blockchain by digital asset company Securitize Capital. On September 13, KKR announced the information. The head of Securitize Capital, Wilfred Daye, called the tokenization of HCSG II a “significant breakthrough” for private equity market access.

A $4 billion healthcare-focused fund that invests in 23 North American and European businesses involved in the pharmaceuticals, medical device, and life sciences industries can now be owned by investors thanks to tokenization. Each token represents a part of the fund.

Investors must submit their passports, complete personal and tax information forms, and successfully complete a “liveness check” in order to invest in the HCSG II Fund on the Securitize protocol. Additionally, investors must pay a management charge of 0.50 percent.

The tokenization of the HCSG II Fund, according to Ava Labs’ founder and CEO Emin Gün Sirer, represents a “major milestone” for the blockchain sector by allowing “real world assets” to migrate on-chain.

Screenshot 173
Source: Twitter

On-chain tokenization of physical assets “reduces investment minimums, enhances digital investor onboarding and compliance standards, and raises possibilities for liquidity through a regulated alternative trading system,” according to KKR.
The Blockchain Research Hub of the Boston Consultant Group (BCG) and Raiffeisen Bank International has also highlighted the potential for tokenization to seize a significant portion of global assets.

While Raiffeisen Bank International’s Blockchain Research Hub estimated that the majority of securities will be tokenized by 2030, BCG predicted that $16.1 trillion in illiquid assets will be tokenized by that time.

The Securitize protocol is run by Securitize Capital and aims to “reinvent private capital markets by delivering trustworthy end-to-end security token solutions.” It was integrated onto the Avalanche blockchain in December 2020.

At the time of writing, Avalanche (AVAX) was priced at $19.29 with a daily plunge of 9.5% according to Coin Gecko.

Filed Under: News, Altcoin News, Blockchain, World Tagged With: avalanche, avalanche blockchain, Blockchain, Cryptocurrency

Avalanche flash loan attack leads to loss of $371k in USDC

September 9, 2022 by Aishwarya shashikumar

In the wee hours of Tuesday, a flash loan attack was carried out using the Avalanche network. A specific smart contract as well as a number of liquidity providers were the targets of the attack. According to blockchain cybersecurity company CertiK, the attacker made $370,000 in gains.

A flash loan attack is a misuse of a platform’s smart contract security in which an attacker typically borrows large sums of money without putting up any security. Then, they engage in arbitrage trading to profit.

In order to do this, they manipulate the price of a cryptocurrency asset on one market before selling it again almost immediately on another. Attackers normally follow the method precisely and promptly, repeating it several times before finishing.

According to CertiK, three possible protocols may have been harmed in the most recent Avalanche breach. The same applied to the DEX platform Trader Joe, the staking platform Nereus Finance, and the AMM Curve Finance.

Notably, CertiK’s on-chain security programme Skynet detected the attack, which took place on Tuesday at 7:26 p.m. UTC.

#CertiKSkynetAlert🚨

CertiK Skynet has reported a #flashloan attack on #AVAX impacting contract 0xe767c… & some LPs. The attacker profited ~$370k USDC.

Possible impacted protocols include:@nereusfinance @traderjoe_xyz @CurveFinance
Contact us for analysis.

Stay Frosty!☃️ pic.twitter.com/bZvtgVPpl4

— CertiK Alert (@CertiKAlert) September 7, 2022

In recent years, a number of crypto heists have involved flash loans. For instance, the Ethereum-based system Beanstalk was compromised in April and approximately $180 million was stolen. The attacker(s) apparently obtained a flash loan using the lending marketplace Aave, allowing them to stockpile a sizable quantity of Stalk, Beanstalk’s native governance token. The attacker(s) were able to swiftly pass a fraudulent governance proposal that syphoned off all protocol funds into a personal Ethereum wallet thanks to the voting power provided by these Stalk tokens.

However, as shown below, the amount of money taken without using flash loans (in purple) increased in August, demonstrating that DeFi criminals do not always take the same path used by the Avalanche/Beanstalk hackers.

Screenshot 162
Source: The Block

Avalanche’s DeFi efficiency

Avalanche has not been doing well on the DeFi front. For instance, the total value of assets locked on its platform has been declining over the past six months and was only $1.7 billion at the time of publication, reflecting a 4.1% daily loss.

Furthermore, competing protocols like Solana have been able to post superior figures even on the revenue front. The Web3 analyst for Aurum Crypto recently used Twitter to highlight the aforementioned pattern. Solana had earned about $50,000 every day in fees over the previous three months. The figure for Avalanche, on the other hand, was in the $25–$30k range.

4/ in the past three months, #Avalanche generated roughly $25k-$30k in daily fee revenue (🟣). With a fee burn rate of 100%, it's all protocol revenue & accrues value to $AVAX holders (shown in 🔵 on chart)

annualized revenue = $11m

source: @tokenterminal pic.twitter.com/CTUJ9uZrqw

— L2 Gromlin (💙,🧡) (@expctchaos) September 7, 2022

With being stated, it should be mentioned that Solana spends more on security. In other words, there is a large disparity between the cost and profitability of the two procedures. The expert tweeted, “Calling out the same,”

Filed Under: News, Altcoin News, DeFi Tagged With: avalanche, Cryptocurrency, DeFi

Crypto Winter? Turn Up The Heat With Adirize DAO, Avalanche, and Chainlink

September 6, 2022 by Akash Anand

Screenshot 20220906 153104 01
Crypto Winter? Turn Up The Heat With Adirize DAO, Avalanche, and Chainlink 13

The crypto market is declining- terribly. Even Bitcoin (BTC), the fabled inflation hedge, has found itself percentages lower than analysts initially presented. This has spelled the crypto winter, and many investors are hurrying to sell before they lose everything. 

Experts predict that between the current collapse, ongoing liquidity crises, and other factors, cryptocurrency prices will likely remain low for the rest of the year. Sounds like bad news? Well, yes. 

Nevertheless, we still have cryptos that have taken the heat and used it to keep prices stable. If prices are relatively stable while the cold is turned up, the high chances are they will skyrocket once the market gets better. Even better, there is AdirizeDAO (ADI) not waiting for the market before it brings the heat and pushes the token price to the sky. 

Screenshot 20220906 153118 01
Crypto Winter? Turn Up The Heat With Adirize DAO, Avalanche, and Chainlink 14

AdirizeDAO (ADI) Is Bringing The Heat 

AdirizeDAO (ADI) is a token with long-term financial opportunities for investors, using a reserved algorithm based on self-reliance. This ensures that while ADI is subject to open market conditions, the assets that back the token provide stable value. 

The main advantage AdirizeDAO (ADI) has over crypto assets that are plummeting is its free-floating reserve money backed by a basket of assets. While other projects depend on users for liquidity provision or rent, AdirizeDAO (ADI) owns its liquidity. 

How Does the AdirizeDAO (ADI) Protocol Operate?

Operating a self-sufficient protocol that manages liquidity and treasury, is almost equivalent to the unshakable value that gold holds. Instead of targeting only appreciation, Adirize DAO (ADI) focuses on supply expansion to boost its purchasing power. 

It uses two monetary policytools; bonding and staking. Staking as a long-term strategy will keep ADI from the hands of price volatility. Stakeholders will also benefit from higher incentives, encouraging other individuals to become holders. 

Bonding is how the protocol accumulates value, and users can sell liquidity provider (LP) tokens in exchange for discounted ADI tokens in order to bond. 

Unlike other projects in the DeFi space, needing to borrow liquidity, AdirizeDAO (ADI) owns and controls its LP. It removes the obligation to “pay” external providers, directing all funds to holders instead. 

Furthermore, AdirizeDAO (ADI) is a decentralized autonomous organization. With operational duties and control shared among forum members, every user has an equal opportunity. Working in tandem to make the protocol better will no doubt benefit everyone. 

AdirizeDAO Presale Benefits 

Of the 100 million tokens minted for AdirizeDAO (ADI), 40% have been delegated for public presale. The first stage of presale recorded a high turnout, and the second is live. This means there is only so much time before the price of ADI zooms. 

For presale, you get 5% on every purchase you make, irrespective of what crypto you use to buy. If you buy within 25 minutes of signing up, you’ll get 45% on your total ADI tokens. 

For your second purchase, there’s a 55% bonus. There are more on the website for early contributors and holders. 

How to Buy AdirizeDAO (ADI) Tokens

Seasoned crypto users know that buying a token involves getting a digital wallet. If you don’t have one, then getting MetaMask is your safest bet. 

Then, you’ll need to choose a cryptocurrency converted to ADI. The options are listed out once you get to the presale section of the website. 

Connect your wallet to the presale section, and select how many ADI tokens you intend to purchase. Once done, you can go ahead with buying. 

Cardano (ADA)- The Third Generation Blockchain For Scalability 

Launched in 2017, Cardano (ADA) started the wave of third-generation blockchains with smart contract functionality and scalable solutions. Cardano (ADA) uses a competing proof-of-stake protocol to validate transactions.  

The blockchain uses ADA to authorize transactional activities, power the network, and vote on changes. 

However, Cardano (ADA) differs from other chains as the first blockchain to be founded on “peer-reviewed research and developed through evidence-based methods. It was designed to be adaptive, flexible, and sustainable, in addition to its scalable advantage. 

Additionally, Cardano (ADA) is one of the most developer-friendly blockchains. It allows the building of diverse projects. dApps, NFTs, and blockchain games are some features running on the network. 

How Does Cardano (ADA) Work?  

The Cardano blockchain is made of two layers; 

The Cardano Settlement Layer (CSL)-

CSL is the value ledger for the settlement of digital assets. It was designed to manage the currency transfer between the sender and the receiver. 

The Cardano Computation Layer (CCL)-

The second layer uses smart contract logic to help developers programmatically move funds. 

ADA is essential in facilitating transactions, and holding the token allows users to contribute to governance. Staking ADA and liquidity contributions boosts blockchain stability. It also gives users a means to earn passive income. 

Cardano (ADA) Over The Years

Cardano (ADA) blockchain platform was named after the Italian mathematician Gerolamo Cardano. ADA, the token, is named after the famous English mathematician, Ada Lovelace. 

The platform’s development has gone through five stages over the past years, to where it is now. Each of the phases brought it through; foundation, decentralized, smart contracts, scaling, and governance. 

It is no wonder the blockchain platform has come so far and is a favorite among many investors, putting it among investment choices to earn income. 

Chainlink (LINK)- The Oracle of Blockchains

The decentralized finance hybrid blockchain was launched in 2017 by Sergey Nazarov and Steve Ellis. It represented a significant shift from the previous, highly centralized financial system, although it did not go into operation till 2019. 

The oracle of blockchains uses data from the real world and off-chain sources to on-smart contracts. The smart contracts then validate transactions for blockchains and enterprises. Chainlink (LINK) is permissionless, providing a data system that anyone can access and contribute to the advancement of the blockchain. 

The present architecture enables the exchange of other tokens and connects other cryptocurrency platforms. Utilizing the Chainlink (LINK) assists organizations that use blockchain tech to carry out specific tasks. 

Furthermore, the blockchain runs on the Ethereum (ETH) network and is powered by the LINK token. LINK used to pay or reward Chainlink (LINK)  operators for the services rendered. 

These cryptocurrencies might have suffered a bit due to the crypto winter, but they aren’t staying down either. And if you want a chance to see your investments through the winter, then you should consider checking them out. 

A side note to investors is to conduct additional research before buying any token or coin in the cryptocurrency market. 

Adirize DAO (ADI)

Presale: http://join.adirize.com/ 

Website: http://adirize.com/ 

Telegram: https://t.me/AdirizeDAO_Official 

Filed Under: Press Release Tagged With: Adirize dao, avalanche, Blockchain, Cryptocurrency

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