The privacy-centric web browser Brave will soon integrate a dedicated Binance Smart Chain wallet, according to a recent announcement, opening up the browser’s users to BSC’s ecosystem of DeFi products.
Although Brave can already be configured to jump onto Binance Smart Chain manually, the addition of a preconfigured wallet is expected to simplify the process, requiring no special apps, wallets or additional tinkering.
In the meantime, the token at the center of the Brave browser, Basic Attention Token (BAT), has been made compatible with BSC in the form of Wrapped BAT (WBAT). Wrapping is the process by which tokens from one blockchain ecosystem can be represented on a completely different one. The most common example may be Wrapped Bitcoin (WBTC) on Ethereum, where the former is made technologically compatible with the expanded processes of the latter.
“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market,” said the CEO and co-founder of Brave, Brendan Eich.
Brave reportedly has over 25 million active monthly users, and over 7 million daily active users. The browser emerged as an alternative to mainstream browsers by offering increased privacy, less tracking, and the ability to opt-in to the advertisements of a user’s choosing.
Binance Smart Chain ecosystem coordinator Xiaoguang Zhang echoed Brendan Eich’s sentiments that the integration of Binance Smart Chain into Brave would further inspire DeFi and crypto adoption.
“With this strategic integration between the Brave browser and Binance Smart Chain, we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance,” said Zhang.
Like many altcoins, the value of Basic Attention Token surged to a new all-time high in 2021. Between January and March alone, BAT gained 515% against the U.S dollar, climbing from around $0.20 to $1.27 by time of publication.
Open DeFi Notification Protocol Aims to Help Traders Manage Risk
October 21, 2021 — Decentralized public blockchain platform Orbs has announced the launch of the Open DeFi Notification Protocol, a product designed to supply users with free mobile notifications for consequential on-chain events.
The chain-agnostic protocol originated from the DeFi.Org Accelerator, a joint venture between Orbs, cryptocurrency exchange Binance, and wallet provider Moonstake. The Accelerator helps founders launch the next wave of innovation in decentralized finance, providing liquidity, mentorship and exposure to market players.
The Open DeFi Notification Protocol – which is Orbs’ newest contribution to the venture – leverages contributions from community members to record events such as accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes, and more.
In gaining access to such data, DeFi users including traders and liquidity providers can better manage their activities and avoid losses, particularly during periods of market volatility. With a simple 30 minute integration on Github, any DeFi project can furnish its users with free mobile notifications, a feature that may help them gain an edge on rival protocols.
‘Transparency is a hallmark of blockchain, yet reliable mobile notifications that can aid the DeFi community are virtually nonexistent,’ says Orbs Co-Founder Tal Kol.
‘Our talented team has created a user-friendly protocol that functions almost like a reactive DeFi assistant, alerting users to the possibility of impending liquidations, significant price swings, contract upgrades and the like. We are positive it will make a huge impact.’
Although the initial beta version of the Open DeFi Notification Protocol will use a centralized node to track and display the various updates, Orbs intends to launch an updated version that utilizes the eponymous network’s set of independent nodes to aid further decentralization.
With the Open DeFi Notification Protocol, users can set up any number of alerts for different defi apps, with the ability to integrate an open-source web component directly within many dApps’ frontend architecture. Users simply downloads the mobile app “DeFi Notifications” for iOS or Android and scan their address QR in MetaMask (or the position QR in the app’s UI). No registration is required. An example video of the Protocol working with Sushi has already been uploaded to Orbs’ official YouTube channel.
Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with EVM-based L1’s and L2’s such as Ethereum, Binance Smart Chain (BSC), Polygon, Solana and Avalanche. The Orbs protocol is decentralized,executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus and is powered by the ORBS token.
The Biggest DeFi Hacks in 2021
- According to DeFi Pulse, there is around $100 billion locked up in DeFi.
- In 2020, around $120 million was lost to DeFi hacks
Decentralized Finance deals with a decentralized ledger and lacks intermediaries, making it quite favorable but also risky. According to DeFi Pulse, there is around $100 billion locked up in DeFi. As the total value increases, so does the crime rate around it. Hackers have taken up the opportunity to loot investors as the business is booming.
Nevertheless, more measures have been taken to ensure the safety of investors’ assets. In 2020, around $120 million was lost to hackers. This year, the number is probably going to be much smaller, taking the current statistics.
Funds are swindled from the system by use of hacks, rug pulls, and system failure. However, these are vital areas that the platforms have decided to put significant concerns on to curb the crime. These are some of the biggest hacks that have taken place this year.
Significant DeFi hacks in 2021
Yearn finance flash loan attack
The attack on the platform happened in February this year. The hackers siphoned $11 million and managed to get away with $2.7 million as profit. They used $8.5 million as fees. The hackers used flash loans which they used to make a collateralized loan. The hacker then made a deposit in Yearns pool, which led to an inflation of DAI.
Monday 19th of April this year, a cyptojacking happened to EasiFi. The platform sits atop of the Polygon Network. A loss of $80 million worth of assets was lost to a strategic hack. The hackers took 75 million USD as assets and siphoned 6 million USD from liquidity pools. To recover the loss and prevent future similar attacks, the managing team altered the blockchain network protocol.
PAID Network major loss
The PAID network suffered a significant loss of around 180 million USD. Hackers managed impunity of 3 million USD. As if that’s not enough, the hackers minted PAID tokens worth above 180 million USD. It caused inflation in the supply of the tokens, which led to a drop in their value by about 85%. While some argue that the attack might have been a rug pull and not a hack, there are no facts attached to the claim.
Uranium Finance Token migration hack
An attack on the Binance Smart Chain network-based platform, Uranium Finance, happened during a token migration event earlier in the year. It was focused on BSC’s automated market protocol. The hacker managed to get away with 50 million USD after taking advantage of a coding error. He liquefied the process without revealing his identity.
Spartan Flash Loans hack
The Spartan protocol is also a BSC-based platform that suffered a hack in May this year. The project lost 30 million USD taken out by flash loans from PanCake. He altered the balance of assets that were locked in the liquidity pool. He withdrew the stolen funds by use of DEXs 1inch and Nerve Finance.
DeFi platforms should heighten their security measures since DeFi hacks perpetrators are busy developing better ways to manipulate loopholes in finance to their favor.
There’s more to DeFi than just providing liquidity
DeFi and liquidity
As the Decentralized Finance market keeps growing’ more investors are locking their digital assets with protocols. The DeFi market keeps creating a buzz around the business sector. From a platform with the simple task that enabled the exchange of ERC-20 tokens in a decentralized way called Uniswap to a worldwide utility tool in business. Decentralized finance is now a platform capable of activities on and around sales, yield farms, lending protocols, and staking platforms.
Due to the transformation of the Decentralized Finance market, there have been processes to advance the earlier protocols to be established to fit the current market. The more current protocols are also improved to include more digital assets into DeFi. The process aims to diversify the DeFi market to attract more investors into the digital technology arena.
Derivative exchanges have for a very long time a target for regulators. However, investors have bargained hard to have a decentralized option. They desire a platform that centralized regulators and the law do not target. As a result, they came up with protocols; dYdX AND Hegic. They offer regulation services.
DYdX is an exchange that works with the help of the Etheruem network. It gives investors a chance to exchange digital assets DYdX is aimed at availing a legit platform for investors to trade with a wide variety of crypto assets. This will increase the adoption of cryptocurrency in business. Hegic is also an Ethereum-based platform that is aimed at providing transparency during exchanges. It does this with the help of smart contracts and liquidity pools. DYdX and Hegic operate on a peer-to-peer basis, open-source software, and do not involve any centralized entity control.
What more to DeFi- but from liquidity?
Unlike centralized finance, decentralized finance offers investors an opportunity to trade without having to reveal their identity. This is so because a central control entity is not required to keep your information or follow up on an investor’s information.
DeFi facilitates crowd loans thanks to parachain auctions. This is done to keep the cryptocurrency ecosystem intact. Investors can hold or trade assets while influencing growth in the platform.
Parachaining is done thanks to Polkadot(DOT) and Kusama(KSM), cryptocurrency ecosystems. They ensure the peer-to-peer lending processes are done accordingly. Users holding KSM and DOT tokens can dedicate their assets to a pool, and their contributions are returned after a period of lock-up or bonding.
Currently, KSM holds $995, which was contributed to 16 projects. Nevertheless, 88% of the contributions made were from the first 5 projects out of 15. This means that the auctions were a success.
With the current processes incorporated with the earlier ways of DeFi, it is safe to say that the pressure on the online market is deserved hype. The DeFi market is doing well, and investors should be encouraged on the same. The DeFi market is a buzz maker and the future of digital assets and the virtual world.