Coinbase Advanced customers in the U.S. can trade nano-sized futures contracts sized at 1/100th of a Bitcoin and 1/10th of an Ether.
Unibot contract $560K exploit crashes token price by more than 40%
Amid ongoing investigations from Unibot and blockchain investigators, Scopescan advised users to revoke the approvals for the exploited contract and move the funds to a new wallet.
66% Of Top Smart Contracts On Base Have One Big Problem
14/21, or 66%, of the top gas-consuming smart contracts on Base, a layer-2 platform for building and deploying smart contracts, are unverified. According to Token Terminal data on October 24, the same contracts are some of the most actively used, reading from gas fee trends over the last month.
Friend.tech Leads The Gas Race On Base
Base is a layer-2 scaling solution and one of OP Mainnet and Arbitrum’s competitors. The platform relies on the Optimistic Rollup technique, allowing transactions to be batched off-chain before being confirmed on the mainnet. This is the same approach competitors, including Arbitrum and OP Mainnet, adopted.
As of October 24, the most gas-consuming protocol already labeled and known to be deployed from a given developer is Friend.tech. Still, the developer remains anonymous.
The decentralized social media protocol allows users to buy and sell keys to each other’s X accounts. In this way, trading parties can access exclusive in-app chatrooms and content by a given user.
By deploying on Base, Friend.tech users enjoy lower trading fees than they would have launched on the mainnet. Beyond fees, the protocol can also scale since the layer-2 solution can handle higher throughput than the mainnet.
In the last month, Friend.tech generated over $253,000 in gas fees. The execution fee, often known as layer-2 fee, on Base, which uses Optimism, is set by the network and is flat.
The fee prevents users from spamming the network and rewards nodes that prove all transactions submitted on the platform. The other fee is the approximate for confirming the same transaction batch on the mainnet. This fee is generally higher than the execution fee.
The Case Of Popular But Unverified Smart Contracts
While gas fees generated by Friend.tech is over $253,000, it is down over 47% in the last month. This could suggest that trading activity fell since the fee generated by a network is directly proportional to how frequently it is used.
Friend.tech fees, when writing, remain suppressed, underperforming the activity of unverified smart contracts, looking at fees generated over the last month. Over the previous 30 days, one unverified contract has seen a 104% increase in trading fees, reaching $42,000. Another contract has increased by 1,690%, exceeding $11,000 in the same period.
As the name suggests, these unverified codes have yet to be confirmed by a third party. This can mean there is no guarantee that the same developer built and deployed code on Base. At the same time, the code might contain malicious code that could steal from addresses it interacts with.
Base network launches 8-week training course for blockchain developers
Base Bootcamp will offer students weekly meetings with a mentor, a dedicated Discord server, and access to Coinbase and Base engineers, the team stated.
EtherHiding: Why hackers may prefer Binance’s BNB Smart Chain
According to cybersecurity analysts at 0xScope and CertiK, threat actors may prefer using BNB Smart Chain contracts because it’s cheaper and seen as having lower security than Ethereum.
Stellar, Early Blockchain Built for Payments, Adds Smart Contracts to Take on Ethereum
The nine-year-old project, one of the earliest major blockchains, is getting a facelift to incorporate “smart contracts,” that theoretically could attract new applications and users – and potentially more demand for the XLM token.
EtherHiding: Hackers create novel way to hide malicious code in blockchains
Threat actors have worked out a way to hide malicious payloads in Binance smart contracts to lure victims into updating their browsers from fake prompts, according to cybersecurity researchers.
Bitcoin Might Get Ethereum-Style Smart Contracts Under ‘BitVM’ Plan
The goal of BitVM is to enable Turing-complete Bitcoin contracts without making the network more complicated for other users.
Web3 is about solving business problems, not token prices: Google Cloud exec
While TradFi is the main source of demand for blockchain tech, digital identity and supply chain are exciting areas too, according to Google Cloud Head of Web3 James Tromans.
NYU law professors argue ‘personal growth bets’ using smart contracts should be legal
The duo’s paper says self-contracts can help a user quit smoking or lose weight, but incentives such as putting a bomb in one’s own skull would surely test the limits of the law.
Aave v3 fork debuts noncustodial liquidity markets on Base
Seamless Protocol, a fork of Aave v3 deployed on Base, enables smart contracts with predetermined borrowing strategies to conduct undercollateralized borrowing on-chain.
The Fed could lose $100B — Does this spell catastrophe for Bitcoin?
On the latest episode of “Macro Markets,” Marcel Pechman explains the potential implications for crypto of the Federal Reserve losing $100 billion.
DeFi and Credit Risk
As a potentially disruptive sector, DeFi must set aside some of its lofty ideals, for now, and focus on financial solutions with demonstrable global demand and adoption.
7 ChatGPT prompts for learning Web3 development
Dive into the world of Web3 development and learn how to create decentralized applications using ChatGPT.
ZetaChain raises $27M in equity round to enable chain-agnostic interoperability
Participants in the round include Blockchain.com, Sky9 Capital, Jane Street Capital, VistaLabs, Human Capital, VY Capital, CMT Digital, among other investors.
Web3 Security Startup Cube3.ai Emerges From Stealth With $8.2M Seed Funding
The fundraising was led by Blockchange Ventures, with participation from Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB and TA Ventures.
‘Computer language that anyone can read’ launches Aeternity compiler
Lexon now features a compiler that allows users to translate code from it to Solidity, Sophia or JavaScript.
ConsenSys releases ‘fuzzing’ tool to test smart contract vulnerabilities
Diligence Fuzzing lets developers introduce random and invalid data points to find security flaws.
We need to fundamentally change how smart contracts operate
Smart contracts should be viewed as “proof-of-concept” rather than as critical for universal adoption. That may mean exploring alternatives.
How blockchain is transforming fundraising for startups and entrepreneurs
Investors and entrepreneurs can create and execute investment agreements directly on the blockchain.