Sether(SETH)

ProShares’s new Short Ether Strategy ETF is set to start trading on the NYSE Arca under the ticker symbol SETH.

SETH to be listed on NYSE Arca, delivering inverse performance of S&P CME Ether Futures Index. It capitalizes on Ethereum price declines.

ProShares' SETH ETF will start trading soon, following the first Ethereum futures ETFs by about two weeks.

Decentralized finance platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. The exploit led to the protocol losing over $2.1 million, according to estimates from blockchain security firm PeckShield and Ironblocks. Details Of The Hack The protocol confirmed the hack on Sunday, with security firm PeckShield confirming it as well. The protocol advised users to refrain from purchasing any of its Zunami Ether (zETH) or Zunami USD (UZD) stablecoins following the attack. The protocol further added that collateral remained secure and it was investigating the cause of the exploit. “It appears that zStables have encountered an attack. The collateral remain secure, we delve into the ongoing investigation. Please do not buy zETH and UZD at the moment; their emission has been attacked.” Blockchain security firm PeckShield, in an analysis of the attack, estimated that around $2.1 million was stolen from the decentralized finance protocol’s Curve pool and put the exploit down to a price manipulation issue. “Hi @ZunamiProtocol Today’s hack leads to >$2.1m loss, and there are two hack txs involved: - tx1:https://etherscan.io/tx/0x2aec4fdb2a09ad4269a410f2c770737626fb62c54e0fa8ac25e8582d4b690cca - tx2:https://etherscan.io/tx/0x0788ba222970c7c68a738b0e08fb197e669e61f9b226ceec4cab9b85abe8cceb It is a price manipulation issue, which can be exploited by donation to incorrectly calculate the price as shown in the following figures.” Fellow security firm Ironblocks also conducted an analysis of the hack, coming to the same conclusion as PeckShield regarding the cause of the hack. In its analysis, Ironblocks explained, “The attacker took [a] flash loan from [the] balancer, then he added liquidity so he [would] be able to change the price significantly and started to trade in Zunami’s exchange. Then he removed the liquidity and changed the price, then he traded back and [returned] the flash loan and got 1,152 ETH to himself. Classic price manipulation.” Price Of Zunami USD And Zunami ETH Collapses The price of both the Zunami USD stablecoin and Zunami ETH (zETH) fell off a cliff following the exploit. The stablecoin lost its entire value, dropping 99%, while zETH dropped over 88%, dropping to $206. PeckShield also confirmed that the stolen funds had already been put through the controversial coin mixer Tornado Cash. Curve’s Recent Troubles The Zunami protocol is a yield farming aggregator for stablecoins and maintains its primary zStable pools on Curve. The protocol is managed as a decentralized autonomous organization (DAO) and promises users the “highest API on the market.” It has also stated that it has over $5 million in total value locked (TVL) on its website. According to Zunami, users can use the protocol to diversify their stablecoin portfolio and avoid the risk of crashing one of them. Curve Finance has faced multiple attacks over the past few weeks, impacting multiple decentralized finance protocols. Attackers managed to steal over $24 million worth of crypto by leveraging a vulnerability in the liquidity pools on Curve. The vulnerability was eventually traced back to Vyper, a third-party programming language being used to program Ethereum smart contracts on the protocol. At the time, Curve stated that liquidity pools not using Vyper were not impacted. “A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop. Other pools are safe.” The exploit put major protocols at risk, especially due to Curve founder Michael Egorov’s $168 million lending position, which was at risk of liquidation. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Decentralized finance platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. The exploit led to the protocol losing over $2.1 million, according to estimates from blockchain security firm PeckShield and Ironblocks. Details Of The Hack The protocol confirmed the hack on Sunday, with security firm PeckShield confirming it as well. The protocol advised users to refrain from purchasing any of its Zunami Ether (zETH) or Zunami USD (UZD) stablecoins following the attack. The protocol further added that collateral remained secure and it was investigating the cause of the exploit. “It appears that zStables have encountered an attack. The collateral remain secure, we delve into the ongoing investigation. Please do not buy zETH and UZD at the moment; their emission has been attacked.” Blockchain security firm PeckShield, in an analysis of the attack, estimated that around $2.1 million was stolen from the decentralized finance protocol’s Curve pool and put the exploit down to a price manipulation issue. “Hi @ZunamiProtocol Today’s hack leads to >$2.1m loss, and there are two hack txs involved: - tx1:https://etherscan.io/tx/0x2aec4fdb2a09ad4269a410f2c770737626fb62c54e0fa8ac25e8582d4b690cca - tx2:https://etherscan.io/tx/0x0788ba222970c7c68a738b0e08fb197e669e61f9b226ceec4cab9b85abe8cceb It is a price manipulation issue, which can be exploited by donation to incorrectly calculate the price as shown in the following figures.” Fellow security firm Ironblocks also conducted an analysis of the hack, coming to the same conclusion as PeckShield regarding the cause of the hack. In its analysis, Ironblocks explained, “The attacker took [a] flash loan from [the] balancer, then he added liquidity so he [would] be able to change the price significantly and started to trade in Zunami’s exchange. Then he removed the liquidity and changed the price, then he traded back and [returned] the flash loan and got 1,152 ETH to himself. Classic price manipulation.” Price Of Zunami USD And Zunami ETH Collapses The price of both the Zunami USD stablecoin and Zunami ETH (zETH) fell off a cliff following the exploit. The stablecoin lost its entire value, dropping 99%, while zETH dropped over 88%, dropping to $206. PeckShield also confirmed that the stolen funds had already been put through the controversial coin mixer Tornado Cash. Curve’s Recent Troubles The Zunami protocol is a yield farming aggregator for stablecoins and maintains its primary zStable pools on Curve. The protocol is managed as a decentralized autonomous organization (DAO) and promises users the “highest API on the market.” It has also stated that it has over $5 million in total value locked (TVL) on its website. According to Zunami, users can use the protocol to diversify their stablecoin portfolio and avoid the risk of crashing one of them. Curve Finance has faced multiple attacks over the past few weeks, impacting multiple decentralized finance protocols. Attackers managed to steal over $24 million worth of crypto by leveraging a vulnerability in the liquidity pools on Curve. The vulnerability was eventually traced back to Vyper, a third-party programming language being used to program Ethereum smart contracts on the protocol. At the time, Curve stated that liquidity pools not using Vyper were not impacted. “A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop. Other pools are safe.” The exploit put major protocols at risk, especially due to Curve founder Michael Egorov’s $168 million lending position, which was at risk of liquidation. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Singapore, Singapore, August 9th, 2023, ChainwireThe blockchain gaming industry is undergoing a transformation and leading this charge is MetaCene, a pioneering AAA-inspired next-gen MMORPG incubated and published by MixMarvel. Building on its foundational strengths—dynamic gameplay, blockchain integration, and deep community engagement—MetaCene has wrapped up its immersive Alpha Test. A post-apocalyptic society, where survivors leverage diverse NFTs to craft a new civilization, emerged as the testing ground for innovative game dynamics and community-driven experiences. As players embarked on this journey from July 31st to August 7th, 2023, the gaming community awaited feedback and insights on this groundbreaking experience.Diving into the MetaCene UniverseThe Alpha Test's landscapes, namely the Origins of Clouds, Birdcry Town, and Sky Metropolis, unveiled a tapestry of lore, challenges, and technological wonders. Each zone, rich in narrative and design, presented players with unique opportunities for exploration, interaction, and accomplishment. The Origins of Clouds, for instance, offered a visually stunning entry into MetaCene’s universe, while Sky Metropolis stood as a beacon of future digital societies.Participants were met with a potent blend of Player vs. Environment (PVE) and PVP interactions as prominent features during the Alpha phase. The test emphasized the weight of each player's choices and their ripple effect throughout the game's evolving universe. The DAO-governed guilds epitomized this player agency, granting participants a direct hand in shaping the game's trajectory.Feedback from Industry LeadersThe reviews are in and the sentiment is overwhelmingly positive. Here is how some leading guilds and players described their experience:“Playing this game MetaCene gives me a nostalgic feeling! I remember my childhood feeling when partying with other people that I did not know personally. Exchanging stories while leveling up with the community is one of the best feelings and you can find it in MetaCene” - Munchies, ALLGUDINDAHUD"In total, the MetaCene game impressively constructs its game within this genre." - Ancient 8"I'm loving the game optimization...how smooth it currently is while exploring." - Hooga Gaming“We had an amazing time testing Metacene. We enjoyed exploring multiple features of the game, especially boss hunts and PvP! Although we encountered several bugs, it was expected since we are at the Alpha stage of the game. Overall, it was a great experience for the guild!” - Nomad, GuildHouse“A week of sheer gaming chaos! NFTXSTREET ventured into a PK-packed world, but the gameplay's insanity took us by storm. From vengeance to mine protection – absolute madness. Drama, politics, and pesky bugs spiced up the alpha test. NFTXSTREET holds top ranks and readies for more ruthless PKing in the next round!” - JB, NFTXS Guild"MetaCene's blockchain integration is undeniably innovative and stands out in the gaming space. The introduction of MMSDK sets them apart, offering players a seamless experience to transact with on-chain assets directly within the game. The game is so much more polished than the last time. Really glad your team is working hard on it." - PathDAO"I really like the art style reminds me of Jojo's adventure, and the skill animations are smooth. And the red button to notify you when you picked up higher power equipment." - Valluna“Metacene's science fiction universe is really captivating and once you log in, it's hard to stop playing! The monsters are unique; some are even funny! Looking at you Land Sprite! Overall, I've had a blast being a gunner (pun intended) and managed to get to level 33. Looking forward to the launch! Kudos Metacene team!"- Mae-zing, YGG“One of the best Web3MMORPG I played as of this date looking forward to playing it on launch day!” - Spraky, YGG“The biggest MMORPG of the year where you can play, earn and have fun.” - Salles RJ, Brazilian YouTube Influencer“Great gameplay for being an alpha version. Good dynamics between missions. Fun and makes you want to play more and more.” - Moreze, Brazilian YouTube InfluencerBy the Numbers: MetaCene's Alpha Test MetricsPlayer Engagement: Of the 2961 enthusiasts who delved into the Alpha Test universe, a staggering 2663 (or roughly 90%) were engaged in Player vs. Player (PVP) combat, underscoring the game's intense and captivating battle dynamics. Such a high participation rate showcases the competitive spirit MetaCene incites and the immersive appeal of its combat scenarios.Time Spent: Players collectively devoted an impressive 461916 minutes, further emphasizing the game's ability to captivate and retain player attention.Mining Success: Out of the participants, 480 individuals showcased their strategic prowess, successfully engaging in mining activities 2527 times.Boss Battles: A key highlight was the elimination of 2258 bosses, a testament to the collaborative spirit and strategic acumen of the player community.Diving deeper into the metrics, the transactional dynamics during the Alpha Test also provide compelling insights into its success. Spanning the period from July 31 to August 8:RPG (Rangers Protocol) Transactions: The gaming-centric blockchain that fuels MetaCene witnessed 112 RPG transactions and the birth of 29 fresh addresses.USDT Transactions: There was an impressive 6,166 USDT transactions, accompanied by the creation of 1,225 new addresses.MUD Transactions: Perhaps the most revealing metric lies in the MUD transactions, MetaCene's in-game currency. There were 3,558 MUD transactions, leading to 846 new addresses. The diverse utility and functionality of the MUD token came to the fore during the Alpha Test. The following are all the types of in-game utilization that were available during the test:Store usageTrading taxOff-chain actionGuild creationSkill upgradeWeapon enhancementWarehouse unlockBackpack spots acquisitionWeapon refinementJail briberyResurrectionWarehouse storageTotal consumption stood at 17,147,819 MUD.Such extensive and varied usage of the MUD token underscores the game's multifaceted strengths and intrinsic value and adaptability of the in-game currency. It paints a vivid picture of a thriving virtual economy, highlighting both the allure of the game and the tangible utility of its digital assets.Alan Tan, the game creator, shared “MetaCene's Alpha Test was a pivotal moment in our journey to re-imagine the MMORPG universe through blockchain. Witnessing thousands of players, from MAN NFT holders to the wider gaming community, explore and engage with our world was truly exhilarating. Their feedback and experiences will be invaluable as we continue refining our vision, ensuring that MetaCene remains at the cutting edge of player-centric, blockchain-integrated gaming.”The Road AheadAs MetaCene navigates its path to Beta testing, the gaming audience is abuzz with excitement. With a proven track record of blending stellar gameplay with innovative blockchain applications, MetaCene's future holds immense promise.MetaCene's Alpha Test has been more than just a game—it's a synthesis of technology, art, and community. This harmonious blend heralds a new era for blockchain gaming, one where engagement, empowerment, and entertainment converge.About MetaCeneMetaCene is building a next-gen blockchain MMORPG homeland for mass players. It presents a surreal post-apocalyptic society where survivors interact with diverse NFTs to redefine civilizations. MetaCene pioneers player-centric entertainment, governance, and creation through innovative PVE and PVP gameplay, robust technology infrastructures, social guild DAO governance, sustainable economic systems, and in-game editors. MetaCene is founded by gaming experts with 20+ years of industry experience from Shanda Games, Blizzard, Perfect World, and others. It envisages a multi-chain future from Rangers Protocol with real-time confirmation and super-low gas fees. The MetaCene Apostle NFT collection and the Alpha version are coming in 2023 Q2.ContactHenry [email protected]

Alchemix, a lending platform, has reported that all the funds stolen by the Curve Finance hacker from Alchemix’s alETH-ETH pool have been returned. Curve Finance had fallen victim to a major heist on the 31st of July, leading to the hacker draining around $61 million from the protocol. Alchemix Announces Return Of All Funds The Curve Finance exploit had resulted in Alchemix losing around $13.6 million from its alETH-ETH pool. Apart from Alchemix, several other pools also saw their funds drained. These included JPEGd’s pETH-ETH pool, which saw outflows of around $11.4 million, and Metronome’s sETH-ETH pool, which saw the exploit drain about $1.6 million. The hacker had targeted several stable pools on Curve Finance using a reentrancy bug that impacted the Vyper programming language used on Curve Finance. Now, Alchemix has announced on X that the hacker has returned the stolen funds after accepting a bug bounty offer from Curve, Metronome, and Alchemix. “We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.” An Offer The Hacker Couldn’t Refuse Alchemix, Metronome, and Curve Finance had offered the hacker a 10% bug bounty as a reward, asking them to return the remaining 90% of the stolen funds. The three entities had stated that if the hacker returned the funds, they would not face any further legal or law enforcement actions. “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” However, the three protocols also told the hacker to view their offer as a final warning, giving them until the 6th of August to accept their offer. They warned that if the hacker refused or ignored their warning, they would be expanding the bounty to the public, offering 10% of the funds to anyone who would help identify the hacker in a way that would lead to conviction in court. The stark warning stated that the hacker would feel the full force of the law should he fail to comply. “If you choose not to partake in the voluntary return and complete the process by the 6th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” Hacker Accepts Offer And Returns Funds On the 4th of August, the hacker posted a message on the Ethereum network directed at Curve Finance and Alchemix development teams. In the not-so-pleasant message, the hacker stated that they would return the funds, but because they did not want to ruin the multiple projects impacted, and not because they were caught or because of the threat of legal action. The hacker stated in his on-chain message, “I’m refunding, not because you can find me. It’s because I don’t want to ruin your project.” At around 11:16 am UTC, the hacker returned 1 alETH to the Curve Finance deployer account. Following the success of the initial transaction, the hacker made three separate transfers two hours later, totaling around 4820.55 alETH, sent to the Alchemix development team’s multisig wallet. The funds returned were around $8.9 million worth of crypto assets, making up around 15% of the stolen funds. Alchemix later reported that the hacker returned all of the stolen funds. NFT protocol JPEG’d, in a separate announcement, also confirmed that they had been refunded, with the perpetrators returning around 5495 ETH. As stated in the bounty offer, the NFT protocol will not be taking any legal action against the hackers. The JPEG’d team stated, ​​“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue.” DeFi Breathes A Sigh Of Relief The Curve Finance exploit had put considerable pressure on the larger DeFi ecosystem after the value of the protocol’s CRV token plummeted after the hack. Several reports that emerged after the hack stated that Curve founder Michael Egorov had taken several loans, putting up CRV as collateral, putting Egorov’s $168 million lending position at risk of liquidation. This put major DeFi protocols Aave, Abracadabra, and several others at risk as well, thanks to a potential domino effect. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Alchemix, a lending platform, has reported that all the funds stolen by the Curve Finance hacker from Alchemix’s alETH-ETH pool have been returned. Curve Finance had fallen victim to a major heist on the 31st of July, leading to the hacker draining around $61 million from the protocol. Alchemix Announces Return Of All Funds The Curve Finance exploit had resulted in Alchemix losing around $13.6 million from its alETH-ETH pool. Apart from Alchemix, several other pools also saw their funds drained. These included JPEGd’s pETH-ETH pool, which saw outflows of around $11.4 million, and Metronome’s sETH-ETH pool, which saw the exploit drain about $1.6 million. The hacker had targeted several stable pools on Curve Finance using a reentrancy bug that impacted the Vyper programming language used on Curve Finance. Now, Alchemix has announced on X that the hacker has returned the stolen funds after accepting a bug bounty offer from Curve, Metronome, and Alchemix. “We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.” An Offer The Hacker Couldn’t Refuse Alchemix, Metronome, and Curve Finance had offered the hacker a 10% bug bounty as a reward, asking them to return the remaining 90% of the stolen funds. The three entities had stated that if the hacker returned the funds, they would not face any further legal or law enforcement actions. “The offer comes with a guarantee of no further legal actions or involvement of law enforcement. We want to resolve this in a civilized manner. You will have no risk of us pursuing this further, no risk of law enforcement issues.” However, the three protocols also told the hacker to view their offer as a final warning, giving them until the 6th of August to accept their offer. They warned that if the hacker refused or ignored their warning, they would be expanding the bounty to the public, offering 10% of the funds to anyone who would help identify the hacker in a way that would lead to conviction in court. The stark warning stated that the hacker would feel the full force of the law should he fail to comply. “If you choose not to partake in the voluntary return and complete the process by the 6th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” Hacker Accepts Offer And Returns Funds On the 4th of August, the hacker posted a message on the Ethereum network directed at Curve Finance and Alchemix development teams. In the not-so-pleasant message, the hacker stated that they would return the funds, but because they did not want to ruin the multiple projects impacted, and not because they were caught or because of the threat of legal action. The hacker stated in his on-chain message, “I’m refunding, not because you can find me. It’s because I don’t want to ruin your project.” At around 11:16 am UTC, the hacker returned 1 alETH to the Curve Finance deployer account. Following the success of the initial transaction, the hacker made three separate transfers two hours later, totaling around 4820.55 alETH, sent to the Alchemix development team’s multisig wallet. The funds returned were around $8.9 million worth of crypto assets, making up around 15% of the stolen funds. Alchemix later reported that the hacker returned all of the stolen funds. NFT protocol JPEG’d, in a separate announcement, also confirmed that they had been refunded, with the perpetrators returning around 5495 ETH. As stated in the bounty offer, the NFT protocol will not be taking any legal action against the hackers. The JPEG’d team stated, ​​“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue.” DeFi Breathes A Sigh Of Relief The Curve Finance exploit had put considerable pressure on the larger DeFi ecosystem after the value of the protocol’s CRV token plummeted after the hack. Several reports that emerged after the hack stated that Curve founder Michael Egorov had taken several loans, putting up CRV as collateral, putting Egorov’s $168 million lending position at risk of liquidation. This put major DeFi protocols Aave, Abracadabra, and several others at risk as well, thanks to a potential domino effect. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto, and multiBTC pools.

Upbit, the largest cryptocurrency exchange in South Korea, has temporarily suspended CRV withdrawals and deposits after Curve fell victim to a significant exploit. Other exchanges have been keeping track of the situation but have not initiated any action as of now. The Curve Finance Exploit Curve Finance tweeted over the weekend that the protocol had fallen victim to an exploit. The protocol stated that over $100 million worth of cryptocurrency was at risk thanks to a reentrancy bug in Vyper, the programming language used to power parts of the larger Curve ecosystem. As a result, several stablecoin pools used in the pricing and liquidity of several DeFi projects were drained by hackers. “A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.” In another tweet on Monday, the protocol listed out the hacked pools. It also stated that the Arbitrum trycrypto pool could also have been compromised during the hack. “As a result of an issue in Vyper compiler in versions 0.2.15-0.3.0, the following pools were hacked: crv/eth aleth/eth mseth/eth peth/eth Another pool potentially affected is arbitrum’s tricrypto. Auditors and Vyper devs could not find a profitable exploit, but please exit that one.” Re-entrancy attacks are a fairly common exploit, allowing hackers to trick smart contracts by making repeated calls to the protocol and stealing user assets. A call is basically an authorization for a smart contract address to interact with a user’s wallet address. Upbit Suspends CRV Withdrawals And Deposits Following the exploit, Upbit, the largest cryptocurrency exchange in South Korea, announced it was temporarily suspending the withdrawal and deposit of Curve Finance’s native CRV token. The suspension was announced by Chinese crypto reporter Wu Blockchain on Twitter, who stated, “South Korea’s largest exchange, Upbit, announced that due to the attack on some of Curve’s stablecoin pools, CRV volatility is high, and Curve (CRV) deposit and withdrawal services have been suspended.” The Upbit exchange, in its announcement, stated it had detected several vulnerabilities in some stablecoin pools associated with Curve Finance, leading to the CRV token experiencing considerable volatility. It added that it was temporarily suspending CRV deposits and withdrawals. “Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV. To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.” The hack has resulted in a loss of over $100 million for the protocol, with the CRV token down over 12%. Other Exchanges Keeping Tabs While Upbit has swung into action and suspended CRV deposits and withdrawals, other prominent exchanges have adopted a wait-and-watch approach. Upbit has also urged users to exercise caution when considering any investments related to CRV. OKX, another prominent exchange, issued a warning for users on the token’s landing page, telling users the exchange would not be responsible for any losses incurred while trading the CRV token. Meanwhile, Binance head Changpeng Zhao stated that Binance users were unaffected by the exploit in Curve. “CEX price feed saves DeFi. Binance users are not affected. Our team checked on the Vyper Reentrant Vulnerability. We only use version 0.3.7 or above.” Zhao explained that Binance’s use of a centralized price feed for DeFi tokens adds an extra layer of security. Zhao also insisted on updating applications, code libraries, and operating systems. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlackRock and India’s Jio Financial Services will soon enter a joint venture to launch a “digital-first offering” in India. Today, the world’s largest asset manager, BlackRock, announced it would join Jio Financial Services (JFS) in a 50:50 joint venture to launch asset management services in India. Joi Financial Services is part of Indian tycoon Mukesh Ambani’s Reliance Industries. The venture, named “Joi BlackRock,” will see each company invest $150 million in the project and aims to offer “tech-enabled” access to “affordable, innovative investment solutions” to millions of Indian investors. Today’s press release said the project would combine BlackRock’s “scale and investment expertise with Joi Financial Services’ knowledge and resources” to transform India’s asset management industry through a digital-first offering. Hitesh Sethia, President and CEO of JFS, commented: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products. Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.” Rachel Lord, Chair and Head of APAC for BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.” BlackRock Makes Waves The assets manager recently made headlines when it announced it had applied to a Bitcoin spot exchange-traded fund (ETF). If the SEC approves it, BlackRock’s iShares ETF will become the first crypto spot ETF in the US. The firm is, however, facing obstacles in the form of the SEC, and was forced to refile its application after the securities agency took issue with it. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Podgorica, Montenegro, June 9th, 2023, ChainwireAt EDCON 2023 in Montenegro, the Ethereum Reserve Dollar (“ERD”) team introduced their innovative decentralized lending platform and USDE stablecoin to the industry. ERD is a lending platform that allows users to borrow USDE, a USD-pegged stablecoin native to the platform, using liquid staking derivatives (LSDs) and blue-chip DeFi tokens as collateral. The protocol maintains a minimum collateralization ratio of 110%, striking a balance between decentralization, capital efficiency, and price stability.In the fast-paced world of blockchain and cryptocurrencies, the demand for fully decentralized stablecoins is growing. The challenge has been to simultaneously achieve capital efficiency, price stability, and decentralization, a combination that has proven difficult to achieve.Numerous attempts have been made to create stablecoins that are both decentralized and capital efficient. However, these efforts often led to significant price fluctuations, causing depegging and collapse. The industry has thus been left with a choice between capital efficiency and decentralization, with price stability being a crucial requirement for any stablecoin's survival and expansion.Ethereum Reserve Dollar is designed to address these challenges. ERD is fully decentralized, providing a safer solution to the dominant centralized and semi-centralized stablecoins in the market. It employs a fully decentralized lending protocol and a robust liquidation mechanism, enabling users to borrow USDE using LSDs and blue-chip DeFi tokens as collateral. The platform secures loans with a Stability Pool containing USDE, which allows for immediate liquidation and bypasses the need for liquidators to prepare USDE or engage in a complex auction process. Furthermore, the protocol's design allows users to borrow at only a 110% collateralization ratio, achieving an ideal combination of decentralization, capital efficiency, and price stability.Notably, ERD also aims to provide greater value as a governance token and introduce widely distributed decentralized assets on the ETH network, addressing limitations observed in similar protocols, such as those of the Liquity Protocol.“Looking back at the collapses of so many failed stablecoins, and the depegging of USDT in 2022 and USDC in 2023, the industry is still searching for a truly decentralized, capital-efficient, and robust solution," said Steve Hopkins, ERD’s CMO. “ERD is this and so much more; it's a solution designed to become a truly decentralized reserve asset on the Ethereum network. We believe ERD offers a significant step forward in blockchain and DeFi technology. We’re thrilled to share it with the world. ”The ERD team will launch their testnet event on June 12, 2023. This event will offer the opportunity to experience the platform's unique features and benefits firsthand, while also entitling early adopters to share in the upside of the project’s growth.The ERD Protocol is set to redefine the stablecoin landscape. With its unique features and benefits, it offers a promising solution for efficient and decentralized lending. The team encourages everyone to participate in the upcoming testnet event and experience the future of DeFi.For more information about the ERD Protocol and its upcoming testnet event, please visit the official website at https://erd.xyz/ and follow the project on Twitter at @Ethereum_ERD.About ERDERD is a decentralized lending protocol that enables users to borrow in USDE, a stablecoin pegged to the US dollar, using LSDs and blue-chip DeFi tokens as collateral. It aims to address the dominance of centralized stablecoins and offer a truly decentralized, capital-efficient alternative. The protocol offers a minimum collateralization ratio of 110% and secures loans with a stable pool containing USDE and other Ethereum-based assets. The benefits of ERD include low-interest rates, high capital efficiency, direct redemptions, and decentralization. Its goal is to become a truly decentralized reserve asset on the Ethereum network.Long live Ethereum Reserve Dollar. On Ethereum, By Ethereum, For Ethereum.For more information and to stay updated please visit:Official website | Twitter | Discord | Whitepaper | GitHubContactCMOSteve HopkinsEthereum Reserve [email protected]

Creed&Bear, a top-tier FinTech company based in Dubai, is revolutionizing the digital asset landscape with its cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technologies. With an ambitious roadmap in place, 2023 promises to be a groundbreaking year for Creed&Bear and its clientele. Key highlights of the roadmap include: ● ALGO TRADING SYSTEM development ● Expansion into digital asset management ● Strategic growth plans for the next three years Tapping into the Power of AI and ML for Next-Gen Asset Solutions Creed&Bear, originally founded in Switzerland, has recently expanded to the bustling financial hub of Dubai. The company has developed their own proprietary software, skillfully combining AI and ML to offer personalized solutions for a wide range of digital assets. This innovative approach has transformed traditional asset management, paving the way for efficient and precise decision-making. Unleashing the Potential of Data-Driven Strategies Creed&Bear's unique software allows them to collate and analyze vast quantities of historical and unstructured data in real-time. With offerings like Access to Growth and Innovation and Portfolio Diversification, the company's software boasts impressive capabilities, including: ● Processing over 100,000 trades through network servers ● Managing and executing trades in under 4ns ● Reading and processing 7,000,000,000 transactions per ms ● Storing and analyzing 35GB of raw data These remarkable features enable Creed&Bear to continually refine their software. Connecting the World through a Shared Technological Vision Creed&Bear's journey began in 2012 when Flavio Villa and Daniele Sinacori joined forces in Switzerland to create an automated trading algorithm for currency and stock markets. Fast-forward to 2019, the duo established Creed&Bear AG in Zug, refining their algorithmic trading systems and forging valuable relationships with industry stakeholders. In 2022, the company launched Creed&Bear Network LLC in Dubai, marking its first international foray and solidifying its presence in the digital assets and blockchain space, with Anil Sethi as CEO and Andrea Nardon as CIO. Today, the company boasts a talented team of over 50 professionals, all dedicated to realizing a shared vision of harnessing technology. Creed&Bear's ambitious 2023 roadmap showcases the company's commitment to the future of digital assets, with a focus on AI and ML-powered solutions. As the firm continues to expand its reach and perfect its innovative software, the world of asset management is poised for transformation. Embrace the future with Creed&Bear – where technology and vision converge for a better tomorrow. To find out more about Creed&Bear follow them on social media. Twitter | LinkedIn | Medium Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.