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0.00004191 BTC
Market Cap (Rank#4)
2,262,926 BTC
Vol 24h
38,059 BTC
Circulating Supply
Max Supply
1h agocryptodaily
As DeFi Hacks Soar, This Startup Wants To Radically Overhaul Smart Contracts To Prevent Them
Over the past couple of years, hundreds of new decentralized finance applications and protocols have flooded onto the Ethereum network and other blockchains. In November 2021, the total value locked in all DeFi apps reached a staggering $290 billion. DeFi, in theory, is designed to democratize access to finance by enabling people from all over the world, from any background, no matter who they are, to participate. There are no financial or geographical restrictions or centralized intermediaries - everything is decentralized, trustless, and peer-to-peer. It’s a vision that has proven popular, with DeFi growing faster than anyone could have imagined. However, its rise has been clouded by numerous critical security threats that make it seem like a very risky venture to anyone who’s not extremely knowledgeable about how crypto works. While 2021 was a big year for DeFi, it was arguably even bigger for hackers, with a recent report from Chainalaysis finding that they stole a combined $3.2 billion worth of cryptocurrency that year. This year is likely to be just as profitable for hackers. According to CertiK’s latest report, DeFi and Web3 together lost more than $2 billion to hackers in the first six months of the year. Chainalysis said hackers in the crypto sphere have migrated away from wallets and other targets, and are almost exclusively targeting DeFi protocols today. In the first three months of 2022, almost 97% of all funds stolen by hackers came from DeFi, up from 72% in 2021 and just 30% in 2020. A quick look at some of the biggest hacks of this year explains why DeFi has become such a popular target for attackers. The amounts they can steal are tremendous. The most expensive hack so far this year was the Ronin Validator Security Breach. On March 23, the person or persons responsible for the attack were able to compromise Sky NMavis’s Ronin and Axie DAO validator nodes, hack the private keys and make illicit withdrawals. They stole an incredible 173,600 ETH and 25.5 million USDC, amounting to $615.5 million in total, via just two transactions. Unfortunately, the Ronin hack was not just an isolated event. In February hackers exploited a security vulnerability in Wormhole’s signature verification, enabling them to make off with 120,000 wETH on Solana, an amount that was worth $326 million at the time of the attack. Similarly, in April, the Beanstalk protocol fell victim to a one-day delay inside a $BEAN governance proposal contract to complete a flash loan. The attacker was able to steal 70% of the total seeds, getting away with $181 million in total. Spotting Smart Contract Vulnerabilities The vast majority of DeFi hacks occur due to vulnerabilities in the smart contracts that power the protocols. Smart contracts are self-executing bits of code that automatically process transactions when certain conditions are met. They’re one of the core elements of DeFi as they make the requirement for a trusted intermediary redundant. The good news is that the community is aware that smart contracts are a glaring weakness in DeFi security and is taking steps to address them. The most reliable DeFi protocols today are sure to carry out a comprehensive smart contract audit to identify if any vulnerabilities exist. Audits are carried out by reliable firms such as CertiK and Hacken, and assess the recorded transactions within a blockchain ledger to try and spot any bugs. Other ways of identifying vulnerabilities include penetration tests by teams of security experts, who attempt to hack DeFi protocols so they can inform the developers how they did it, allowing them to close whatever loopholes are discovered. In addition, protocols can also offer “bug bounties”, where they essentially crowdsource security. Dozens of “white hat” hackers compete for a monetary prize to identify vulnerabilities within a protocol. Bug bounties can be especially beneficial because they incentivize participants to act like real cybercriminals, meaning they will likely attempt to hack the protocol using similar methods as the real bad guys do. The idea being that the good guys will discover any obvious exploits before they’re exposed in the real world. Smart contract code audits and bug bounties can help to protect DeFi protocols against common hacks around unhandled exceptions and transaction order dependency. However, audits are unfortunately not infallible - the Chainalaysis study found that 30% of exploits this year occurred on platforms that had been audited within the past 12 months. So while code audits and bug bounties can be helpful, they do not provide any guarantees. As such, DeFi protocols that are managing billions of dollars in user’s funds ought to adopt a more robust approach to security. Reinventing Smart Contracts One of the most exciting solutions to emerge is the Scrypto programming language developed by Radix, which is a layer-1 blockchain protocol that has been built specifically for DeFi. The Scrypto language is based on the popular Rust programming language and retains most of its features. However, it notably adds a number of specific functions based on the Radix Engine. It can be thought of as a collection of libraries and extensions to Rust that provides asset-oriented features, enabling Rust-style logic to interact with assets as a native, first-class citizen. The most important distinction of Scrypto is that it effectively does away with smart contracts. Instead of smart contracts, it uses blueprints and components to process transactions. Blueprints are compiled source code that lives on the blockchain, where they can be used by anyone. Their role is to provide “constructor functions” for DeFi transactions, with flexible parameters that others can instantiate. They’re generally quite specialized in terms of functionality, though they can support multiple different use cases depending on exactly how they’re instantiated. Blueprints can sometimes work with other blueprints, deployed together as a “package”. To activate a blueprint, it must be instantiated by calling one of its constructor functions in order to obtain the address of a newly created instance, known as a “component”. Components are used to manage state and can gather, hold and distribute resources according to the logic associated within the blueprint that created it. In other words, components in Scrypto resemble smart contracts, however, they derive from the logic defined within the blueprint that gave birth to it. Scrypto’s unique architecture allows it to carry out transactions in a very different way to regular smart contracts written in Solidity or another language. Instead of sending a number or reference to some tokens, Radix Engine transfers ownership of tokens from the caller to a component. Once that component receives a bucket of resources or multiple buckets, it can take those resources and deposit them into a vault it holds, or else a different bucket. Then, the Radix Engine ensures that the caller can no longer access the bucket or vault. The end result is that dApps built on Radix have a much simpler and safer way of transacting. To better understand how it works, Radix offers us the example of a gumball machine that accepts USD tokens in exchange for a token held within its vault. In this example, the user passes a bucket of 0.25 USD to the insertCoins method of the MyMachine component. The blueprint’s logic sees that the correct price has been paid, adds those tokens to a vault, then takes 1 gumball from its gumball vault and passes it back to the caller. It can even send back some change if the caller passed too much USD. With Ethereum’s Solidity-based smart contracts it’s much more complex and risky. In the same machine, the user would call a smart contract to give the machine permission to withdraw from their wallet on their behalf. They would tell the machine they wish to input 0.25 USD. The machine would then call the USD contract to make the withdrawal, then call a gumball smart contract to send the gumball to the user. Finally, it would probably also update an internal cache of the number of remaining gumballs to check for eros. Each one of these processes uses a smart contract, and each one is therefore at risk of being hacked due to a smart contract vulnerability. That’s just a simple example. With DeFi, transactions can be many times more complex, meaning they’re exposed to multiple times the risk. All it takes is one vulnerability somewhere, in any one of numerous smart contracts involved in a transaction, for an attacker to pull off an attack. Conclusion As DeFi grows and its total value locked increases, the risk of exploitation will only increase. If there’s one takeaway we can gather from the stunning amount of crypto that’s been stolen by DeFi hacks, it’s that the need for smart contract security has never been greater. While code audits and bug bounties can help to spot the most obvious vulnerabilities in DeFi, it’s clear that the industry could benefit immeasurably from a radical overhaul based on an infrastructure that’s designed to minimize the number of potential exploits from the get-go. 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
1h agocryptodaily
Introducing SolMad - the hottest new project to launch on Solana
Set to develop on the Solana Chain, SolMad is an NFT collection in the Solana-verse where nomads travel in search of community, land and resources to keep themselves alive against the threat of extinction, global warming and natural disasters. SolMad will take its users on a journey of community-driven collaboration, collective building and togetherness. The Story of the SolMad It all begins in the depths of Gisana…made up of a community of tribes who are smart and handy, the SolMad face harsh weather conditions within the various ecosystems they travel through and live in. Amidst these are valuable resources and artefacts which they are able to mine and trade in various cities and towns on their travels. These communities, who move together in unity, work together to keep each other alive - which isn’t always possible. They risk their lives in harsh conditions to harvest powerful and valuable resources. Nevertheless, the SolMad tribes are a tight-knit community that always support each other. With their curious nature, the SolMad are capable of finding secret and forbidden locations thanks to their advanced navigation skills and tools. They often travel by foot or animals such as camels, horses or alpacas. They tend to travel by regular mode of transportation such as wagons, vardos or mobile homes too. SolMad are not stopped by anything; they even travel by water, often on canoes or living on barges. The SolMad often harvest or acquire valuable artefacts or resources, such as crystals or metal ores, silks, dyes and even figurines or statuettes! Depending on where they are travelling to, SolMad may even come across fruit, fish and spices too. These valuable assets are things that can be auctioned off for prizes in the universe through partnerships offline. Casinos began as a fun way to reconnect within SolMad communities, but soon talks of their fun and addictive games spread among the lands and led other travellers and tourists to leave the comfort of their cities and venture out to visit these casinos. Due to the kind and charitable nature of SolMad, the games are played fairly and for fun, though big, greedy cities oppose this largely. How it Works The SolMad is a deflationary collection of 10,000 NFTs. Like all great nomadic tribes, the SolMad is mobile. The narrative is one which is expansive, rich and will continue to grow into a wider world with unlimited capabilities for participants to not only collect and grow but also engage and have fun as a community! The SolMad are made up of four unique tribes: Panuk, Zuberi, Mira, Briar Besides that, the project will also have a maximum supply of 100,000,000 $BEADS, the currency of the SolMad communities as well as the utility currency within Gisana. The token will be quickly adopted for an endless list of use cases as the project continues to evolve. The SolMad goal is to develop a DAO focused on building and investing in the Solana Mobile ecosystem. DAO stakeholders will get early access to product testing, airdrops, and product betas. Roadmap The project’s roadmap may change over time, but the team take pride in being able to deliver a superior product in a timely and efficient manner. Their plans are as follows: Pre-Mint Community building Smart contract and project audit Build a pipeline of collaborative partnerships Mint Mint launch of the 10,000 NFTs Post Mint Secondary marketplace listing Announcement to the community about the project’s initial build priorities Community engagement (lore discovery) Treasury management begins Introducing staking incentives for future token product development The team also plans to launch future collections as well as potential token airdrops for participants. NFT Utility The SolMad team aims to begin building and investing in the Solana mobile sphere. To kickstart this mission, the SolMads collection will include the following utilities over time: Royalty deflation and LP backing A Solana mobile-focused DAO Raffle prizes IRL and auctions Casino - think gaming with USDC-dominated prizes at stake NFT asset purchasing and yield generation Resources purchases to upgrade Final Thoughts The SolMad team aims to begin building and investing in the Solana mobile sphere. The SolMads’ story is one that will be shared in the weeks to come. In the meantime, sit tight, and more secrets of the SolMads will be revealed as the mint day dawns ever closer. For more information, visit their Twitter here or join the conversation today on Discord here. 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.
15h agocointelegraph
Circle plans to only support Ethereum PoS chain after Merge is complete
"USDC as an Ethereum asset can only exist as a single valid version," says the team at Circle.
1 day agocryptodaily
Circle Freezes All Blacklisted Tornado Cash Addresses As Sanctions Take Hold
The USD coin (USDC) issuer, Circle, has frozen around 75,000 USDC worth of funds linked to 44 Tornado Cash addresses listed in the US Treasury Department’s sanctions against the protocol. The issue was highlighted by a Twitter bot, USDC blacklist, which scrapes the blockchain for USDC blocklists. Over 75,000 USDC Worth Of Funds Frozen Crypto data aggregator Dune Analytics announced the news of the freezing, which stated that the issuer of the USDC stablecoin had frozen over 75,000 USDC worth of funds that were linked to 44 Tornado Cash addresses that were sanctioned by the US Office of Foreign Asset Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application that individuals use to obfuscate any trail of crypto transactions on the Ethereum blockchain. Interactions With Sanctioned Addresses Prohibited US entities and individuals are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Any entity or individual that interacts with Tornado Cash’s Ethereum smart contract addresses and USDC could potentially attract a fine ranging from $50,000 to $10,000,000 and imprisonment ranging from 10-30 years. It is estimated that Tornado Cash’s smart contract addresses hold around $437 million worth of assets. These assets consist of Ethereum, Wrapped BTC, and a host of stablecoins. With the blacklist in place, issuers will now have to take steps to prevent transactions or redemptions of the assets in question. Circle’s Blacklist Policy Jeremy Allaire, Circle CEO, confirmed in June that USDC does feature a blacklist function to block addresses as and when legally required. USDC’s blacklist policy states that once an address is blacklisted, it can no longer receive any USDC into the address, and any funds held in that address cannot be transferred to any on-chain address. This means any funds held at the blacklisted address are effectively frozen indefinitely. Tornado Cash co-founder Roman Semenov revealed that his Github account was also suspended following the announcements of the sanctions. Potential Impact At present, the impact of Tornado Cash and its inability to operate is not known. However, California-based BitGo would have to make some adjustments to restrict access to Tornado Cash to comply with the sanctions. BitGo could suspend the redeeming of Tornado Cash-linked WBTC to abide by the sanctions. Pseudo Anonymous DeFi educator BowTiedIguan stated that the sanctions on Tornado Cash apply across the board. Even interactions such as Gitcoin donations, working for the project, visiting its website, downloading and running its client, and depositing/withdrawing from associated smart contracts could be deemed a violation. 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.
1 day agocointelegraph
US Treasury sanctions USDC and ETH addresses connected to Tornado Cash
The protocol was at the center of some recent hacks and exploits in decentralized finance, including the alleged theft of $455 million by the North Korea-affiliated Lazarus Group.
3 days agocryptodaily
DeFiChain Community Brings Attractive Rewards For DFI ERC-20 Pairs on Uniswap
Singapore, Singapore, 7th August, 2022, ChainwireDeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is thrilled to announce that its community has voted to offer lucrative liquidity mining rewards for the ERC-20 format of its native DFI token pairs on Uniswap. The proposal put forth by DeFiChain’s Lead Researcher received more than 96% votes in favor. DeFiChain has allocated one million DFI tokens from the Community Fund to incentivize liquidity mining for the DFI-ETH, DFI-USDT, and the new DFI-USDC pairs on Uniswap. The Community Fund receives a small percentage of the block rewards and has accumulated over 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain. However, funds are only released if more than 51% of the nodes agree to the proposal. Masternodes are eligible to sign a message to either agree or deny a proposal. With leading exchanges like Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the token’s utility in the ERC-20 format. The incentives are aimed at increasing the trading volume of the ERC-20 format of DFI, and boosting the visibility and awareness of DFI in the wider DeFi ecosystem. The increased trading volume should also encourage more adoption of DFI by other exchanges and services. Santiago Sabater, the CEO of DeFiChain Accelerator said, “With the new liquidity pools and the various upcoming projects to increase the utility of DFI on ERC-20, DeFiChain’s adoption is growing massively. DeFiChain is opening the gates to offer its decentralized assets such as decentralized stocks, commodities and ETFs to the whole DeFi community on the Ethereum blockchain. This will result in massive capital inflows, pleasuring DeFiChain’s investors while creating new use cases for Ethereum users.” The liquidity mining rewards will be distributed in the following manner: DFI-ETH pair at 0.5 DFI per Ethereum block DFI-USDT pair at 0.25 DFI per Ethereum block DFI-USDC pair at 0.25 DFI per Ethereum block In total, one DFI token will be distributed per Ethereum block. Just like DFI emission rate on DeFiChain mainnet, block reward is scheduled to reduce by 4% every 7 days (in blocks) starting 9AM UTC on August 22. Before that, rewards will only be distributed at a constant rate of 1% of the above rates. It is estimated to allow the reward to sustain well over a year. A smart contract will be published on Ethereum mainnet that allows the rewards to be paid out in accordance to the schedule. Upon publishing of the smart contract, DFI will be placed in the smart contract in tranches, for safety reasons. An accompanying decentralized app will be launched for liquidity providers to take part in the liquidity mining program. About DeFiChain DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent, and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized loans. The DeFiChain Foundation's mission is to bring DeFi to the Bitcoin ecosystem. ContactsBenjamin [email protected]
5 days agocointelegraph
Vitalik: Centralized USDC could decide the future of contentious ETH hard forks
Speaking at the BUIDL Asia event in Korea, Vitalik Buterin said that centralized stablecoins like USDC & USDT will become significant deciders in future hard forks.
5 days agocoindesk
Circle Invested in 2 Hacked Crypto Companies, Adding to Its Headaches Amid Stablecoin Scrutiny
The venture-capital arm of the USDC stablecoin issuer backed Nomad and Slope, which were both exploited this week.
6 days agocryptodaily
Ethical Hackers Return $9 Million To Nomad Following Exploit
“White hat” or ethical hackers that safeguarded the funds on behalf of Nomad during the attack on the cross-chain bridge have begun returning the funds to a wallet address belonging to the company according to a report by blockchain security firm PeckShield. Thus far, about $9 million has been returned, amounting to 4.75% of the total loss. Following an attack on the cross-chain token bridge Nomad that saw more than $190 million in funds stolen, the company published a wallet address on Wednesday for the recovery of the tokens. Data from Etherscan shows that almost $9 million of the total funds have been returned. Tokens returned so far include $3.75 million in USD coins, $2 million in Tether, $1.4 million in Covalent Query tokens, and $1.2 million in Frax. The majority of the funds have come from known Ethereum Name Service domain wallet addresses, and these individuals are among the 300 wallets that took part in the hack. However, unlike the hackers, ethical hackers took swift action to ensure the safety of Nomad’s funds during the incident after the protocol requested that they return funds in a Tweet following the attack. The Tweet reads, Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens, Please send the funds to the following wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154. In a statement included in the Tweet, it said, We are actively working with a leading chain analysis firm and law enforcement to trace funds. All involved are prepared to take necessary action in the coming days. If you took ETH/ERC-20 tokens with the intention of returning them, we now have a process for you to do so. Cryptocurrency custodian Anchorage Digital has been tasked to handle and safeguard the returned tokens. 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.
7 days agocryptodaily
Klaytn Portfolio Rebalancer Klex Finance Launches Live Testnet
Klex Finance, a Klaytn portfolio management protocol, has launched its testnet. The move sets the stage for an imminent mainnet launch that will extend the DeFi capabilities of Klaytn’s EVM-compatible network. On August 2, Klex announced the successful deployment of its testnet, signaling that the wait for a Balancer-style DeFi protocol on Klaytn is almost over. The testnet deployment arrives just three weeks after Klex exited stealth mode with its maiden blog post. In the “Hello World,” announcement, Klex noted that Klaytn “lacks a native and efficient automated portfolio management and swaps protocol that supports all types of AMM pools.” Klex Finance has been designed to drive greater capital efficiency that will connect the entire Klaytn ecosystem. More Liquidity, Less Slippage One of the greatest challenges facing users of decentralized finance platforms is liquidity fragmentation. Having multiple DEXs and AMMs on a network might be good for decentralization and censorship resistance, but it leaves liquidity in shallow pockets rather than deep pools. There are a couple of solutions to this problem. One is to create an aggregator that splits orders across multiple DEXs to ensure less slippage and better pricing. And the other is to create more efficient pools. Klex Finance has gone for the latter approach, emulating Balancer’s tried and tested design to offer three options for DeFi traders: Weighted pools that can support up to eight different tokens Stable pools for swapping stablecoins or synths at size Liquidity bootstrapping pools for launching new tokens All this will come bundled with Klex protocol when it debuts on mainnet, together with such features as reduced gas fees and better LP incentives. Liquidity providers will earn a share of the fees generated from each Klex pool, while traders can look forward to more efficient swaps between assets such as USDC, WBTC, and KLAY. Krew Flexes Its Muscles Klex is the second product to be developed by Klaytn accelerator Krew. It follows the success of Klaytn Lending Application (KLAP), which grew to become the second most popular dApp on Klaytn within weeks of its launch. More than $47 million in assets are now locked into the KLAP platform according to data from DefiLlama. Krew will be hoping it can pull off a similar feat when Klex goes live. While there’s lots to be done with Klex Finance before a native token can be discussed, it’s inevitable that the protocol will follow KLAP in launching one. In late July, the KLAP token was issued to early users of the lending and borrowing protocol, together with a veKLAP provision for stakers, who can earn additional rewards. Klex will follow suit once its platform has been suitably battle tested. In a blog post describing the user experience that Klex will provide, it was explained that “KLEX holders will vote on proposals relevant to the Protocol, such as…protocol fees to how KLEX tokens themselves are distributed, like the allocation of tokens towards the Klex Liquidity Mining program.” Once the testnet program has concluded, Klex Finance will announce its mainnet launch, ushering in a new era for portfolio management on Klaytn. 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
7 days agocryptodaily
Metadoro: USDC is Gaining Strength to Outpace Tether
USD Coin from Circle, a technology company that develops peer-to-peer payments, is improving its positions as a leading stablecoin. Its market cap rose from $40 billion at the beginning of 2022 to almost $55 billion at the end of July. More importantly, USDC is replacing the number one stablecoin by market cap USDT (Tether) by number of daily transactions. The USDC is now largely considered to be the best safe haven stablecoin to secure digital savings. USDC is used in 52.5% of overall daily transactions though Ethereum blockchain while Tether holds the second place with the share of 21.4%. USDC surpassed USDT by the number of transactions in late June, and it is still gaining momentum. Investors are scraping their saving in USDT and DAI in favor of USDC. Circle’s mobile payment platform allows users to hold, send, and receive fiat currencies. The company is licensed in New York State in the United States and in the United Kingdom. The company is rumored to have close relations with Goldman Sachs, Coinbase, and also with some large U.S. banks and regulators. Meanwhile, the market cap of USDT deteriorated from around $80 billion at the beginning of 2022 to $65.8 by the end of July or about 42.7% of the overall stablecoin supply. Arcane Research recently forecasted that USDC may outpace Tether by market cap this October. The cryptomarket was rocked by LUNA native coin distress as UST algorithmic stablecoin backed by LUNA plunged almost to zero in May. Even now the $154.3 billion stablecoin market has not completely recovered as it lost 18.8% of its overall capitalisation in the second quarter of 2022. The International Monetary fund (IMF) has warned that the cryptomarket may face further selling pressure and more failures of coin offerings, including stablecoins. “We could see further selloffs, both in crypto assets and in risky asset markets, like equities,” Director of Monetary and Capital Markets of the IMF, Tobias Adrian said. A possible recession may largely contribute to a deeper deterioration of crypto assets, according to Adrian. Indeed, the cryptomarket, along with other risky assets, has started to suffer as major central banks like the Federal Reserve (Fed) and the European Central Bank (ECB) have started to withdraw liquidity from markets in order to bring record inflation under control. The Fed has recently made another sharp action to raise its interest rates by three quarters of a percent to 2.5%, and it is unlikely to stop, although its front man Jerome Powell has said the Fed will closely monitor incoming data to make its next interest rates decision in September. However, he has not ruled out that another 75 or even 100 basis-point hike is possible. So, monetary conditions are clearly not in favour of the cryptomarket. The Bitcoin charts signal prices may continue to go down after a possible breakthrough of $19,000 per coin. The next stop for the major cryptocurrency is at $15,000. But eventually it could go even lower to $10,000, or even to the extreme $6,000 per coin. So, it is not a proper time for the short-term investments in the cryptomarket since the bottom of the downside cycle has not yet been reached. It is likely that proper entry points may emerge in October when the Fed is likely to send out a bold signal about further interest rate hikes, while fears over a recession in the United States, or Europe may become a reality. For the long run, some investments could be made in leading stablecoins with a diversification to other cryptocurrencies other then USDC coin. The best option would be a selection of stablecoins like Binance USD, USDD and, may be some other from the leaders of the market. Anyway, the dynamics of the risky assets represented by the Nasdaq 100 index and Fed actions. Guidance should also be closely monitored to locate the best opportunities to invest in crypto assets. Actions of large investment institutions could be another source to look for suggestions on such investments. Nevertheless, such investments are considered to be highly risky and should be exercised with minor funds and an understanding that they could be lost completely. 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.
7 days agocointelegraph
Binance, KuCoin, OKX CEOs flex security amid Solana FUD storm
Parallel to the ongoing investigations of the Solana fiasco, CZ warned investors of “an active security incident on Solana” that drained funds in SOL and USDC off over 7000 wallets.
8 days agocryptodaily
Nomad Cross-Chain Bridge Drained of Nearly $200M in Exploit
The cross-chain token bridge Nomad suffered an exploit on Monday, August 1, with attackers draining the protocol of nearly all its funds. The total value of cryptocurrencies lost to the attack has totaled nearly $200 million. Hundreds of potential exploiters, including white hat hackers who intend to return the funds, managed to remove all the bridge’s total locked value (TVL) in just a matter of hours. This attack is the most recent in a string of highly publicized incident that calls into question the security of cross-chain bridges. Nomad, like other cross-chain bridges, allows its users to send and receive tokens between different blockchains. Nearly the entire $190.7 million in cryptocurrencies has been removed from the bridge, with only $651.54 left remaining in the wallet according to decentralised finance tracking platform DeFi Llama. Nomad has however suggested that some of the funds were withdrawn by white hat hackers with the intention of keeping them safe. The Nomad team confirmed the exploit to CoinDesk in a statement saying, An investigation is ongoing and leading firms for blockchain intelligence and forensics have been retained. We have notified law enforcement and are working around the clock to address the situation and provide timely updates. Our goal is to identify the accounts involved and to trace and recover the funds. The first transaction thought to be suspicious and which may have been the genesis of the ongoing exploit came at 9:32 pm UTC when someone managed to remove 100 Wrapped Bitcoin (WBTC) worth about $2.3 million from the bridge. The community shortly thereafter raised alarm bells over the potential exploit and the Nomad team confirmed at 11:35 UTC that it was aware of the “incident involving the Nomad token bridge” adding it is “currently investigating the incident.” Thus far, one individual has come forward as a white hat hacker who intends to return to funds they took from the bridge. The individual goes by ‘Notify Bot’ on Twitter and said, This is a whitehack. I plan to return the funds. Waiting for official communication from Nomad team (please provide an email id for communication). I have not swapped any assets even after knowing that USDC can be frozen. Transferred USD... Tokens were taken in a very unusual way as each was removed in nearly equivalent denominations. Transactions with exactly 202,440.725413 USDC were executed over 200 times for example. The incident also saw WBTC, Wrapped Ether, USD Coin, TRax, Covalent Query Token, Hummingbird Governance Token, IAGON, Dai, GeroWallet, Card Starter, Saddle DAO, and Charli3 tokens taken from the bridge. 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.
8 days agocryptopotato
Soccer Transfer in Crypto: São Paulo Paid $8 Million in USDC for Banfield Player
The first cryptocurrency transfer in Argentina's soccer history upset the country's central bank, which banned Banfield from operating the MULC for the next 90 days.
11 days agocoindesk
Two Soccer Teams Transfer a South American Player Using USDC, But There’s Collateral Damage
The news was hailed as a historic event for South American football, but it could bring unexpected consequences for Argentinian club Banfield, amid local FX restrictions.
12 days agocryptodaily
SushiSwap ‘Head Chef’ Pay Package Sparks Concern
A new governance protocol has nominated Jonathan Howard as the new CEO or ‘Head Chef’ at SushiSwap. New Head Chef Nominated Decentralized exchange (DEX) SushiSwap has announced the nomination of Jonathan Howard as the Head Chef, which is the official title given to the protocol’s chief executive officer. The nomination was announced on Tuesday via a governance post written by Sushi contributor JiroOno. The announcement read, “We’ve sourced the candidate we believe represents the best option for Sushi and are now looking to present this candidate to the Sushi community.” Currently, the seventh largest DEX, SushiSwap, is going through a heat check poll for the Head Chef nomination. At the time of writing, 65% of the 40 votes cast favor hiring Howard as the Head Chef. A positive poll outcome and a successful forum call will pave the way for a snapshot vote where SUSHI holders will get the final say on the hire. Community Mostly Welcoming The protocol has been searching for a new leader since the former Head Chef 0xMaki stepped down in September 2021. Howard, who is the current co-founder and CTO at NFT firm BigHeadClub, could be the next to step into the role. As the Head Chef, he would have to manage day-to-day operations and lead delivery efforts of both pending and new products at Sushi. The overall community feedback has been largely positive regarding Howard’s nomination, matching the heat check poll. However, there have been some detractors who have questioned his lack of DeFi experience. Heavy Package Is Concerning The nomination has also sparked conversation around the proposed salary for the position. If hired, Howard would earn an annual base salary of $800,000 in USDC, further token incentives of 600,000 SUSHI tokens vested for four years with a six-month cliff, and a one-time bonus of 350,000 SUSHI tokens. Members have claimed that it is beyond the Sushi budget, as the treasury is worth $19.4 million. The Head Chef will also receive 1.2 million SUSHI incentives once the token price hits certain targets between $3-$11. He will also be entitled to a 24-month severance package along with the above incentives if he is terminated. Community members have questioned where the funds will come from since the head chef is eligible to receive $8.35 million in just bonuses if Sushi crosses $11. 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.
17 days agocryptodaily
TRON DAO Reserve Addresses Questions Regarding USDD Stablecoin
Geneva, Switzerland, 24th July, 2022, ChainwireThe TRON DAO Reserve (TDR) has officially answered some frequently asked questions from the community about USDD, the decentralized over-collateralized stablecoin on TRON. The USDD stablecoin is currently the most over-collateralized stablecoin across the entire cryptocurrency market. The core mission of USDD is to provide the blockchain world with a decentralized cryptocurrency of stable value. USDD represents true decentralization across the stablecoin market. Other stablecoins such as USDC or USDT are pegged to a central platform's U.S. dollar (USD) reserves. By nature, the fundamentals of USDC and USDT are considered centralized stablecoins with strict supervision by regulators worldwide. Current market conditions have brought fears of assets being subject to liquidation and freezings without the consent of the holders. USDD overcomes these fears from multiple different angles. Whitelisted institutions of the TRON DAO Reserve (TDR) are authorized to mint USDD. The value of USDD is supported by the over-collateralization of highly liquid crypto assets consisting of, but not limited to, BTC, USDT, USDC, and TRX. This allows USDD to be free from centralized intermediaries so users do not have to worry about their assets being frozen with or without notice. This enables holders of USDD to truly have full ownership of their stablecoin. Stability is an important aspect of a successful stablecoin. Centralized stablecoins such as USDC and USDT are bound by regulators to maintain a 1:1 reserve ratio to the USD. If the centralized authorities of these stablecoins are unable to meet their reserve requirements, this can cause the centralized stablecoins to lose its 1:1 USD peg. USDD is immune to such issues due to its decentralized nature. USDD is not designed to strictly peg to the USD; instead, it floats up and down around it. The price stability of USDD is maintained through monetary policies adopted by the TDR based on market conditions. Under volatile market conditions, USDD is not considered depegged when it is within 3% up or down from the USD peg. This allows for further flexibility for the TDR to make the necessary monetary policy adjustments if needed. With recent volatility in the markets, USDD has adjusted properly through TDR’s monetary policy tools which have strongly held up against recent concerns. This methodology is known as a Linked Exchange Rate System and has successfully allowed USDD to properly scale. The recent controversy surrounding stablecoins arose due to the LUNA and UST crash. USDD fluctuated below its USD peg partly due to market misconceptions tied to the LUNA/UST fiasco. LUNA and UST do not follow the TDR policies that USDD is subject to; instead, LUNA and UST function strictly off an algorithmic arbitrage system of burning and minting. This means that UST did not have to rely on any reserve system to support the 1:1 USD peg. This whole process relied heavily on LUNA’s liquidity, when market conditions worsened, causing UST to lose its peg, it resulted in a major shock driving prices down for LUNA and in turn UST because there was no reserve system backing it. This is what ultimately caused the collapse of the LUNA and UST prices. On the other hand, USDD is completely supported by a reserve system filled with liquid assets run by the TDR as mentioned earlier. The details of the TDR assets are published in real-time on The TDR adopts four monetary policy instruments to ensure the stability of USDD, creating further growth in the TRON ecosystem. The four policy instruments are setting benchmark interest rates, open market operations (OMO), window guidance, and the minting-burning mechanism of TRX and USDD. The TDR will also explore more monetary policy tools to foster further stability and growth of the USDD ecosystem. The end goal of TDR’s monetary policy adjustments is to maintain a stable price of USDD while further empowering it to be the most reliable and decentralized stablecoin on the market. For more information about USDD, check out our recent blog post, which goes into details on various community questions and concerns. About USDD USDD is a decentralized over-collateralized stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future. USDD is pegged to the US Dollar through TRX and maintains its price stability under the guidance of the TRON DAO Reserve. It enables access to a stable and decentralized digital dollar system that in turn assures financial liberty for everyone. Website | Twitter | Telegram | Discord | Medium ContactsSam [email protected]
20 days agocoindesk
Circle's Cautious USDC Approach Has Paid Off, Despite Missteps
For years, Circle seemed like an unfocused mess. But making the USDC stablecoin more transparent and regulated than the competition is paying off in a massive way.
21 day agocointelegraph
Amazon.eth ENS domain owner disregards 1M USDC buyout offer on Opensea
Before it expired, the offer stood at approximately 10x the amount of the domain's last sale.
21 day agocryptopotato
Anonymous User Bids 1 Million USDC on ‘amazon.eth’ Ethereum Name
If the offer is accepted, it will go down as history’s second-largest ENS purchase in dollar terms.
26 days agocryptopotato
USDC Issuer Circle Discloses Its Reserves, Proving Their Liquidity And Availability
Circle released a report proving that its stablecoin USDC is fully backed by physical dollars and 3-month U.S. Treasuries
26 days agocointelegraph
Circle discloses full breakdown of $55.7B USDC reserves
As of June 30, about 75.6% of Circle’s reserves were held in U.S. Treasuries and 24.4% were held in cash at regulated financial institutions.
26 days agocoindesk
Circle’s Detailed Reserve Report Shows Only Cash, Short-Term Treasurys Back USDC Stablecoin
The asset breakdown comes at a time when crypto firms and their finances are under increased scrutiny in the on-going crypto credit crisis.
30 days agocointelegraph
Celsius changes legal team, pays off $20M in Aave debts
The embattled platform continues to wind down its debts to decentralized finance (DeFi) lending protocols, having just paid off 20 million USDC to Aave.

About USD Coin

The live price of USD Coin (USDC) today is 1.0003 USD, and with the current circulating supply of USD Coin at 53,992,200,857.21 USDC, its market capitalization stands at 54,007,312,703 USD. In the last 24 hours USDC price has moved 0.0002 USD or 0.00% while 677,545,340 USD worth of USDC has been traded on various exchanges. The current valuation of USDC puts it at #4 in cryptocurrency rankings based on market capitalization.

Learn more about the USD Coin blockchain network and how it works or follow the price of its native cryptocurrency USDC and the broader market with our unique COIN360 cryptocurrency heatmap.

Launched in October 2018 by the Centre Consortium, USD Coin (USDC) is a fiat-collateralized (fiat and equivalent instruments) stablecoin which is pegged to the US Dollar at 1:1 ratio. The Centre Consortium comprises two founding members: Circle, a global financial technology firm, and Coinbase, the widely-popular US-based cryptocurrency exchange. It is currently issued and made available on multiple blockchain networks.

Like other major stablecoins, USDC’s main aim is to serve a couple of important purposes – one, to provide a stable means of value storage during volatile market conditions and two, to offer easy conversion between digital and fiat currency. 

Unlike its counterparts like USDT and UST, USDC coin has eluded controversy. In fact, transparency and strong governance are believed to be the two major advantages USDC coin has over competitors. Its issuers are fully licensed and regulated financial institutions that are required to maintain reserves equal to the number of USDC coins in circulation and must report their holdings on a regular basis. Grant Thornton LLP, a prominent accounting firm issues monthly reports in this regard.

USDC price

Being a stablecoin, USDC price is expected to maintain a stable $1 level at all times. That said, just like other stablecoins, USDC price is vulnerable to mild fluctuations, whenever there are noteworthy changes in the coin’s demand and supply. For instance, if the crypto market is in a bullish trend, everyone invests in speculative crypto assets and the demand for stablecoins like USDC goes down. The opposite happens in a bear market.

Nonetheless, barring a few exceptions, USDC price has managed to stay mostly in the vicinity of $1 ever since its launch. According to our USDC live price chart, the coin reached its all-time high of $1.17 on May 8, 2019, while its all-time low stood at $0.89 on May 19, 2021.

As USDC coins are minted and burnt on a continuous basis, there’s no specific total or maximum supply of these tokens. As a result, USDC’s market cap also keeps changing from time to time.

How USDC works

USDC is the first fiat-backed stablecoin launched by the Centre Consortium. It was initially launched on the Ethereum blockchain, as an ERC-20 token, and later on multiple blockchains. Users who wish to buy USDC directly from Centre, must use the web application or platform maintained by their licensed token-issuer. You can deposit fiat funds to the token issuer’s account, and the latter then executes a series of commands to mint USDC coins equivalent to the deposited funds. Once issued, you can use your USDC coins any which way you deem fit.

The redemption of USDC coins happens through a reverse process. The USDC coins are burnt by the licensed token-issuer, and the corresponding funds are credited back to your account from fiat reserves.

The non-controversial and transparent nature of USDC has given it plenty of success over the years, making it as of writing the second-largest stablecoin in the world, by market cap. USDC coin is used widely across the crypto industry today, including by well-known crypto exchanges, service providers, app developers and wallets.

USDC news, updates and highlights

In an important USDC news, the stablecoin received a major boost in Aug 2021, when, one of the top crypto exchanges in the world, enabled both USDC deposits and withdrawals on its platform. This was because of’s partnership with the USDC issuer, Circle.

According to a more recent USDC news shared on Circle's official website, USDC coin passed the $50 billion market cap for the first time since its launch on Jan 31, 2022. As a result, it came a step closer to USDT, the front-runner in the stablecoin marketplace. 

Frequently asked questions about USDC

  • Can I mine or stake USDC?

USDC can neither be mined nor staked. However, you can purchase USDC coins from a licensed USDC issuer or a crypto exchange.

  • Which are the best wallets for USDC storage?

Some of the top USDC wallets are Atomic Wallet, Guarda Wallet, MetaMask, Ledger, Exodus and Trust Wallet. You can find more on this page on Center’s official website.

  • What can you do with USDC coins?

You can use your USDC coins to pay for goods and services at various merchant establishments. USDC coins can also be traded for other popular crypto assets like BTC, ETH, ADA, SOL etc. USDC can be also be lent through a range of DeFi products, to earn yield.

  • Where can you buy USDC?

Retail users can easily buy USDC by selling typical crypto assets on reputable crypto exchange platforms like Binance, OKX and more.

USD Coin Price1.0003 USD
Market Rank#4
Market Cap54,007,312,703 USD
24h Volume908,326,123 USD
Circulating Supply53,992,200,857.21 USDC
Max SupplyNo Data
Yesterday's Market Cap54,260,830,000 USD
Yesterday's Open / Close1.0005 USD / 1.0007 USD
Yesterday's High / Low1.0016 USD / 0.999852 USD
Yesterday's Change
0.00% ( 0.0002 USD )
Yesterday's Volume677,545,340 USD
Powered by  Cryptocurrency prices in USD, market cap, volume
Sorry, no liquidity for this pair
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