Bridging the Gap 17/03
Welcome to another series of Bridging the Gap. Get ready to dive into the latest updates and developments in the crypto space, let's begin!
Market
The worldwide crypto market cap is now $1.12 trillion, up 3.88% from the previous day.
The overall cryptocurrency market volume over the last 24 hours is $69.44B, a 14.96% decrease.
DeFi's total volume is presently $5.43B, accounting for 7.82% of the total crypto market 24-hour volume.
The overall volume of all stable coins is now $65.71 billion, accounting for 94.63% of the total crypto market 24-hour volume.
Bitcoin's dominance is presently 44.98%, up 0.71% from the previous day.
Top News
YouTube Influencers Sued for $1 Billion for Promoting FTX
The article reports that cryptocurrency influencers BitBoy and Jayden Crypto are being sued for $1 billion by FTX Trading Limited, a cryptocurrency exchange. The lawsuit alleges that BitBoy and Jayden Crypto, along with others, pushed unregistered securities on their viewers and followers while promoting the collapsed exchange.
Arbitrum will airdrop the long-awaited ARB token
Layer 2 Network to Decentralize and Support Layer 3 Blockchains. It has been reported that Arbitrum, a Layer 2 scaling solution for Ethereum, is planning to conduct an airdrop of governance tokens on March 23. The tokens will be distributed to various stakeholders, including users, investors, and the team behind the project, with the aim of decentralizing control of the network. The article also provides details on how users can participate in the airdrop and what the implications are for the wider Ethereum ecosystem.
Meta abandons NFTs
Meta has chosen to discontinue support for NFTs on Instagram and Facebook, less than a year after introducing features to support digital collectibles. Stephane Kasriel, Meta's commerce and fintech head, announced the news on Twitter on Monday. He stated that the company's resources will be diverted to other goods, including Meta Pay.
After months of infighting, Uniswap v3 is now available on the BNB Chain
Uniswap, a decentralized exchange built on the Ethereum blockchain, has launched on the Binance Smart Chain (BSC). Uniswap V3 will be the first major DeFi protocol to launch on BSC, which is a popular alternative to Ethereum due to its lower fees and faster transaction times. The launch on BSC is part of Uniswap's strategy to expand its reach beyond Ethereum and attract more users.
Cross-Chain Corner
Succinct Introduces Telepathy
LI.FI Introduces Gas Refuel Tab
MintDAO x AxelarCore
DeFi Spotlight
Euler Hack Illuminates the Promise - and Danger - of DeFi Composability
On 13th of March, Euler suffered $200m exploit where a code bug enabled a flash loan attack. Euler Labs has offered a $1 million reward for information leading to the arrest of a hacker who stole over $200 million from the Euler protocol. The article notes that this attack highlights the risks associated with composability, where different decentralized protocols can interact with each other. It is clear that there are some challenges in mitigating these risks and the need for more robust security measures in the DeFi ecosystem.
Ecosystem Update
The Shapella upgrade for Ethereum has passed the final testnet deployment
On Tuesday, the final rehearsal for Ethereum's Shapella upgrade was conducted on the Goerli test network. This move has paved the way for staked ETH withdrawals to be activated on the main network. The Goerli testnet was upgraded, but initially, there was low network participation. However, enough validators updated their nodes following the update, and the Shapella upgrade was finalized at midnight UTC on Wednesday. Users on the Goerli network can now withdraw staked Ether, either fully or partially, from the Beacon Chain.