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With Mutual Listing, CryptoLocally and Serum Enter the Next Phase of Their Partnership.

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The cryptocurrency market has taken a turn for the better with prices climbing up and multiple parties entering the industry. The area has also been helped along by joint partnerships by companies whose collaborations have elevated the cryptoverse’s reputation in the mainstream realm.

Just last year, Cryptolocally announced that they had partnered with popular P2P decentralized exchange Serum to conduct a mutual listing program/ According to the reports, Cryptolocally will list Serum Token as the first Solana based SPL digital asset while Serum DEX will support GIV on their decentralized exchange. 

The partnership will seek to bring in more investments from new users while creating a concrete infrastructure alongside it. The partnership, which was announced in September, mainly cited the main objectives as jointly integrating features of both the parent exchanges. Sources close to the partnership informed TWJ that the SRM listing is also a way to popularize the blockchain’s functionality. 

A press release from Cryptolocally said:

“The CryptoLocally development team is currently working on integrating more Solana features. These include supporting SPL token conversion, integrating Serum into CryptoLocally’s Defi Finance wallet, and running its own Serum node. The integration of SRM token into its Finance wallet is CryptoLocally’s bid to bolster its position as the only truly decentralized P2P trading venue with Defi integration.”

Listing the SRM token on CryptoLocally’s platform is expected to allow SRM to access the latter’s fiat gateway network. CryptoLocally has built the reputation of having a broad range of fiat payment methods in many jurisdictions. It will also benefit from the simple, fast, and user-friendly UI of CryptoLocally allowing new users without trading experience to buy and sell SRM tokens without having to learn the often convoluted process of using a decentralized exchange. 

CryptoLocally made a name for itself by launching its GIVernance token and the subsequent ecosystem. Adding Serum DEX to CryptoLocally will allow GIV to tap into Serum’s DeFi programs. DeFi has been on the up and up since last year as crypto institutions bet big on a decentralized economy. The GIV token is issued on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. Next in line for the token will be issuing it on the Solana blockchain as an SPL token. 

Serum has repeatedly stated that users are the most important aspect of the trading floor with features being added routinely. Being part of the native DEX, SRM has a total supply of 10 billion units and is primarily used to reduce trading fees on the platform.

TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion

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More than $12.4 billion in the stablecoin Tether [USDT] has been issued on the Tron [TRX] blockchain as revealed by the foundation’s CEO Justin Sun.

This development comes three weeks after the project founder had revealed a milestone of $9.3 Billion USDT issued on Tron which was achieved after 644 days. The number of USDT issued on the blockchain has increased significantly since the first-ever 10 USDT was issued all the way back on the 17th of April, 2019.

The world’s largest stablecoin is also issued on a myriad of chains including Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

And for the longest time, a great majority of Tether were minted using Ethereum’s ERC20 standard. However, the minted stablecoin using the TRC20 standard has seen a much larger transaction count in 2021.

Tron has rapidly emerged as the fastest-growing blockchain for USDT issuance.

Coin Metrics
TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion 2

TRC20-based USDT has seen a higher transaction count than ERC20-based USDT tokens every day this year. According to the latest chart compiled by Coin Metrics, it was found that Tron captured more transactions than both Ethereum and Bitcoin combined.

In a recent edition, Coin Metrics’ ‘State of Network’ report had revealed,

“Tether activity has increasingly shifted over to the Tron version of the stablecoin. Since the beginning of 2021, the amount of USDT_TRX active addresses has eclipsed the number USDT_ETH active addresses.”

Why Has Tron Been Successful In Attracting More Users?

The shift in this sentiment is undoubtedly the massive transaction fee in the Ethereum network that has resulted in users looking for affordable alternatives. In the case of Ethereum, the transaction fees have risen due to rising demand stemming from the flourishing decentralized finance [DeFi], while Tron fees, on the other hand, have remained minuscule.

Hence, the TRX network has managed to attract the issuance of not just teh most popular and widely used stablecoin but also other digital assets on its blockchain. The blockchain now hosts TRC-BTC, TRC-ETH, WBTC, WETH, WLTC, and TRC-AMPL.

Moreover, Sun had also hinted that more ‘wrapped’ digital assets will be issued on the network.

Harvest Finance Says Attacker Behind Hack -‘Well-Known in Community; Puts $100K Bounty

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Harvest Finance has been in the spotlight for quite some time, and not for good reasons. According to the latest reports that emerged in the early hours of Monday morning, the DeFi yield farm protocol has been drained by nearly $24 million from its pools and swapped for renBTC [rBTC].

Confirming the news of the hack, Harvest Finance revealed “working actively” on the issue of mitigating the economic attack on the stablecoin and BTC pools. The hacker reportedly used Tornado Cash, which happens to be a privacy tool for obfuscating the history of Ether.

Following which the hacker[s] reportedly sent back nearly $2.5 million to the deployer in the form of Tether [USDT] and USD Coin [USDC]. These, according to Harvest Finance will be distributed to the affected depositors pro-rata using a snapshot. Besides, the attack was made possible by manipulating stablecoin prices on another DeFi platform, Curve Finance.

The Harvest Finance team joined forces with Ren Protocol to locate Bitcoin addresses where the funds were transferred. Harvest Finance’s representatives had also asked major exchanges to freeze the allegedly stolen funds and block the addresses.

Bounty Hunt

Harvest Protocol further tweeted,

“We will release a post mortem report within the next 16 hours, and work on future risk-mitigation strategies against flashloan economic attacks, including evaluating insurance options, as well as reparation strategies. For the attacker: you’ve proven your point, if you can return the funds to the users, it would be greatly appreciated by the community, including many bystanders watching DeFi from afar”

Furthermore, Harvest Finance stated that there was a “significant amount of personally identifiable information on the attacker”, who is “well-known” in the crypto community. Additionally, the platform went on to say that it was putting out a 100k bounty for the first person or team to reach out to the attacker. It further tweeted,

“We are not interested in doxxing the attacker, your skill and ingenuity is respected, just return the funds to the users”

Harvest Finance is yet another DeFi protocol that seeks the highest-earning pools to farm, a concept very similar to Yearn Finance. The latest news comes just a day after popular DeFi analyst Chris Blec claimed that the platform held just one “admin key” that can potentially drain funds locked in the protocol’s contracts.

https://twitter.com/ChrisBlec/status/1320375400141328384

Bitfinex and Tether CTO Comes to the Rescue for User Who Lost $1 Million During Transfer

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The world of virtual assets has been the subject of speculation and strife since its inception, primarily because of the transfer of large sums of capital.  As years have passed, industry officials have also tried to ensure proper transparency and protection for all users.

This focus on security was put on show recently when a user was able to receive their holding safely after having sent it to a false address. The user in question had sent $1 million to an unknown Swerve token contract and later found that it had all been lost. 

The issue was discussed by an entire Discord chat where users opined that the chances of the funds being recovered were very little. Some members of the group stated that the ideal way to send money to an address was to send a couple of dollars in the beginning and then confirm its legitimacy. The seriousness of the issue was escalated to such an extent that it even involved the Chief Technical Officer of Bitfinex and Tether, Paolo Ardoino.

The Tether official came to the rescue by claiming that the capital could be recovered because the transaction involved Tether. His tweet read:

Tether was considered as the ideal mode of transfer because of its connection to the United States dollar. Bitfinex and Ardoino himself have assured the concerned user that any further relevant steps will be taken to ensure the capital is safely returned. Ardoino further reiterated that users need to be careful when they use DeFi projects. Many users have complained about DeFi projects in the past because of the threat of transactions landing in the wrong place.

The Tether CTO also provided the trail of the $1 million recovery via an etherscan link. The transaction had a hash of 0x0b44bf8681cbfb337f1c0f5bdb2b662a070e29eb204ec848a575c8dc3549413e on block number 10841656. The funds were sent from a wallet with the address 0xabbc27c71eb28dc52098c8e2b4dafb428d559ffb.

 

Algorand Becomes Official Chain For USDC After Stablecoin’s Launch On Mainnet

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Goldman Sachs-backed global fintech firm Circle announced the launch of its stablecoin USDC on Algorand’s mainnet. In collaboration with the Centre Consortium, the platform announced that Algorand is now an official blockchain for USDC.

Following this development, Algorand becomes the second major blockchain to have the two most popular stablecoins- Tether [USDT] and Circle’s USD-pegged stablecoin USD Coin [USDC] after Ethereum.

According to the official blog post, the Algorand implementation of USDC will allow on-chain transactions that provide nearly instant settlement finality [5 seconds], with a transaction throughput approaching 1000 tps and current average transaction fees of nearly 1/20th of a cent [USD]. Using public APIs, developers can also swap USDC across Ethereum and Algorand.

Commenting on the new launch, cryptography pioneer and Turing award winner Silvio Micali, Founder of Algorand, Inc stated,

“This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications. This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.”

Previously in June this year, Circle had partnered with the not-for-profit organization, Algorand Foundation to bring fiat-backed stablecoin capability to the Algorand blockchain, as part of the broader effort from Centre Consortium for the development of Multichain USDC.

skew main usdbacked stable coin contenders market cap usd

Besides, over the past year, USDC has grown significantly making it one of the largest stablecoins in the world. Its market cap stood at $1.83 at the time of writing. Having the two most popular stablecoins is likely to attract more high-value stablecoins on Algorand. Additionally, this launch also opens doors for the foundation to get a boost from Circle’s extensive list of investors with industry giants, such as Bitmain, and Goldman Sachs.

While stating that the launch represents a significant improvement to the stablecoin’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems, Alesia Haas, Chief Financial Officer at Coinbase also added,

“Expanding USDC from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large-scale financial institutions.”