Krystal Newsflash (21st Oct 2022)
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.
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.
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.
However, this was mired with controversy, particularly since exchanges announced the listing of this token before the tokenomics were released.
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.
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).
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.
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,
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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