Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Mango Markets shells out a $47 million bounty 💸
After a $117 million hack occurred on this Solana decentralised exchange, the Mango Markets decentralized autonomous organization (DAO) voted to let the hacker keep $47 million as a bug bounty.
$67M in various crypto assets have been returned to the DAO. Let’s meet up on Monday 3 PM UTC on the Mango discord to discuss, how we can sort out this mess.
— Mango (@mangomarkets) October 15, 2022
This is one of the largest bug bounties that have been given out in the crypto world.
Furthermore, Mango Markets would not “pursue any criminal investigations or freezing of funds”.
DeFi hacks are becoming more prevalent, and we can only hope that the team behind these decentralised applications (DApps) will put a higher emphasis on the security of their apps.
You can find out more about the recent BNB Chain Hack, which is the third largest bridge to be hacked here.
Shanghai Upgrade Soon? 👀
Ethereum has launched its Shanghai upgrade on the testnet.
#1 Ethereum's Shanghai testnet version is live and will allegedly bring lower gas fees under the belt. https://t.co/nTNBVlWhUO
— Cointelegraph (@Cointelegraph) October 19, 2022
This is one of the most anticipated upgrades after The Merge occurred, which allows you to unstake your Ethereum from the Beacon Chain.
Another significant update is a reduction in gas fees via equalising block sizes and increasing calldata efficiency in the network.
While Ethereum is not fully scalable yet, zkEVMs could be the answer to significantly reducing gas fees, and you can learn more about them here.
Aptos Mainnet Launch 🚀
The highly anticipated ‘Ethereum and Solana killer’ has launched its mainnet.
Mainnet has arrived.https://t.co/wZajVZMa5Q
— Aptos (@Aptos_Network) October 17, 2022
However, this was mired with controversy, particularly since exchanges announced the listing of this token before the tokenomics were released.
1/ Creating a network for the people requires a tokenomics designed with the community and fairness at its center.
The overview of that tokenomics is available here: https://t.co/KeU7RXANkd
— Aptos (@Aptos_Network) October 18, 2022
Furthermore, the speed of the network is currently at 11 transactions per second (tps), which is even lower than Ethereum’s 15 tps.
Despite this, Pancakeswap, a decentralised exchange (DEX) on the BNB Smart Chain, has announced its intention to expand to the Aptos network.
📣 Proposal for PancakeSwap deployment to Aptos Chain
🐇 The kitchen proposes to deploy CAKE and four of its main features (Swap, Farm, Pools and IFO) on Aptos
👉 Read the proposal: https://t.co/hFvyCp42em
🫂 Join our AMA: 21 Oct 1100 UTC
⏰ Voting starts: 21 Oct 1200 UTC pic.twitter.com/Vat49Vv9qq
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 20, 2022
If the proposal is passed, this will be Pancakeswap’s third network that it is operating on, coupled with the recent expansion to the Ethereum network.
Ripple eyes EVM-compatibility 🧐
XRP may have a new Ledger sidechain that allows the Ripple blockchain to interact with Ethereum-compatible decentralised applications (DApps).
📢Thrilled to announce the launch of the first #XRPL #Sidechain compatible with #EVM!🔗
This #Devnet version with its #Explorer and #Bridge is the first step to open a world of gigantic possibilities to all developers and businesses that put their trust in @Ripple @RippleXDev 🔐 pic.twitter.com/9BumdUbBp7
— Peersyst Technology (@Peersyst) October 17, 2022
Ripple is currently not an EVM-compatible network, but offers fast and low-cost transactions.
This integration will allow users to have the best of both worlds: low fees and the ability to interact with DApps like Uniswap.
Krystal currently supports 9 EVM-compatible networks (including Ethereum, BNB Smart Chain and Arbitrum), and you can download our app here.
Tether expands in Brazil 🔥
USDT will now be available across 24,000 ATMs in Brazil, thanks to a partnership with SmartPay.
Tether USD₮ will be available in over 24 000 ATMs across🇧🇷 Brazil on Nov 3 https://t.co/40QPFj1l80 pic.twitter.com/sh18ogxI51
— Tether (@Tether_to) October 20, 2022
This will provide an opportunity for the unbanked population in Brazil to access the digital asset ecosystem.
Coupled with the announcement that Tether has reduced its commercial paper holdings to zero,
BREAKING: Tether is proud to announce that we have completely eliminated commercial paper from our reserves. This is evidence of our commitment to back our tokens with the most secure, liquid reserves in the market. (1/3)https://t.co/zBa9jRe7so
— Tether (@Tether_to) October 13, 2022
this may provide greater trust for this stablecoin.
You can find out why Tether’s reserves have always been in question here.
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