Tokenlon Weekly (Jan 21 — Jan 27)
From the Tokenlon Team
With most of the team still on Chinese New Year holidays, there will be no updates on development and statistics this week. That said, we still hope you enjoy our curated market insights below!
Uniswap passes temperature check proposal to deploy on BNB
A ‘temperature check’ is usually a test voting where the developers will try to get the community’s sentiment on certain changes. This time, Uniswap may be making the switch from Ethereum, where it has been deployed since the start, towards BNB chain.
The vote ended with a overwhelming 80.28% of voters favouring the change towards the Binance-incubated chain. Uniswap is currently deployed on the Ethereum, Arbitrum, Optimism, Polygon, and Celo networks.
What does this mean for us? Uniswap is the leading DEX in the space, implementing this change might start a multi-chain movement for other DEXs as well.
Vitalik proposes privacy addresses on Ethereum
The father of Ethereum proposed a stealth address system to improve privacy on the ETH network, quoting privacy is one of the largest remaining challenges in the Ethereum ecosystem. Currently, every single transaction on the Ethereum blockchain is publicly visible — it is not possible to hide any transactions, thus exposing every individual’s financial reserves and decisions.
How does this work? To put it simply, whenever someone makes a transaction, a new stealth address is created so that it’s difficult for anyone to track the said transaction. You can read more about it in Vitalik’s blog here.
There will be many pros and cons concerning private transactions on the blockchain, mainly security issues and fraud prevention to name a few. It could make tracking down crypto criminals much harder as well, but will the pros outweigh the cons? However users (especially those with certain fame attached to them) may no longer need to purposely ‘hide’ their assets in different wallets from prying eyes of the public.
Certainly a point to ponder on.
Kevin rose phished for millions of NFT
Kevin Rose is the current CEO and founder of Proof Collective, a hugely popular and successful NFT pass/collection on the Ethereum blockchain. Despite being one of the brightest minds in the space, he recently announced that he was phished into signing a malicious signature that allowed the hacker to transfer a large number of high-value tokens.
The phishing attempt itself was a classic piece of social engineering, tricking Kevin into a false sense of security. He may have lost assets upwards of $1.4 million including NFTs and tokens.
A piece of advice for our users which you may have heard many times now: Keep your valuable NFTs in a ‘cold wallet’, which you don’t have to access regularly. Consider that as a vault for your collection. You may keep the NFTs that you regularly trade in a ‘hot wallet’ for easier access.
Important Risk Warning
- LON token contract address:
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Digital Assets are highly volatile and unpredictable. Please do your research before trading.