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Showing posts with label DeFi Exchange. Show all posts
Technology
Badger Defi and MonoX Crytocurrency Decentralized Finance DeFi DeFi Exchange DeFi Platforms Technology

DeFiChain: DeFi Boosts with Decentralized Assets

 

Decentralized Finance (DeFi), based on Blockchain and Cryptocurrency, has emerged as a prominent technology. It has grown to become an alternative to the traditional centralized system that relies on financial intermediaries like banks for exchanges or financial transactions. It uses ‘Smart Contracts’ on Blockchain-based technology, allowing users a new way to invest, trade, sell, loan or exchange. 

Limitation of Decentralized Finance (DiFi)

Operating as a small financial system in an emerging global movement, DeFi has become visibly popular in the past few months. Decentralized Finance, via Blockchain, has led to an increase in financial security and transparency for users. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has been able to launch a network of integrated protocols and financial instruments, that are now worth over $13 billion of value locked in Ethereum Smart Contracts. 

However, along with its advantages, there are some limitations of Decentralized Finance. DeFi being a decentralized system does not allow centralized assets to interact, such as stock options, commodities, and indices. 

What is DefiChain?

DeFiChain comes as a rescue for Decentralized Finance. DeFiChain is a Blockchain system specifically dedicated to Decentralized financial applications by introducing decentralized assets, it bridges the gap with the centralized assets without compromising their DeFi platform with centralism. 

A decentralized asset, also termed as dAsset or dToken, is a token on the DeFiChain blockchain that provides you a price exposure to real-world stocks. For instance, for the stocks, TSLA, APPL, FB, there exist dTSLA, dAPPL, dFB, each of which attempts to mirror the price of the real stock. 

These creations can thus allow the DeFiChain user to buy decentralized assets, so now the user is provided with a method of trading stocks on a decentralized system. DeFiChain has now become a groundbreaking system for investors. While a traditional investor, after buying stocks, will only be able to make money once he has earned profit from the stocks. Once a user buys one of their dToken assets, they will be able to put that into a liquidity mining pool. This will not only enable the investor to make a profit from their dToken when it goes up in value, but also make passive income from their dAssets. 
 
DeFiChain, with the introduction of decentralized assets (dAssets), has changed the game for Decentralized finance. With incredible user benefits, be it the decentralization of assets or making incredible passive income, DeFiChain is emerging as a prominent blockchain ecosystem.
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Technology
cryptocurrency DeFi Exchange DeFi Hack Flash Loan Attack Technology

Hackers Target Inverse Finance in a Flash Loan Oracle Attack

 

Inverse Finance, a decentralized autonomous organization (DAO) has suffered a flash loan assault, where hackers stole $1.26 million in Tether (USDT) and Wrapped Bitcoin (WBTC). This comes just two months after the Defi exchange witnessed an exploit where the hackers siphoned $15.6 million in a price oracle manipulation exploit. 

"Inverse Finance’s Frontier money market was subject to an oracle price manipulation incident that resulted in a net loss of $5.83 million in DOLA with the attacker earning a total of $1.2 million," the organization said. 

Inverse Finance is an Ethereum-based decentralized finance (DeFi) protocol that facilitates the borrowing and lending of cryptos. The latest exploit worked by employing a flash loan attack where hackers take a flash loan from a Defi platform. Subsequently, they pay it back in the same transaction, causing the price of the crypto asset to surge and then quickly withdraw their investments. 

Upon discovering the attack, the defi protocol temporarily paused borrowing and took down DOLA stablecoin from the money market saying that it is investigating the incident, while no user funds were at risk. 

It later confirmed that only the hacker’s deposited collateral was impacted in the incident. In a tweet, the company requested the attackers to return the funds in return for a “generous bounty”. 

The hacker in total secured 99,976 USDT and 53.2 WBTC from the attacks. As soon as the hack was successful, the attackers routed the funds via Tornado Cash, a cryptocurrency mixing or tumbling protocol designed to obscure where funds came from. Coincidentally, the service is popular for money laundering.

It should be noted that the significant rise in Defi which facilitates crypto-denominated lending outside traditional banking, has been a major factor in the increase in stolen funds and frauds. Threat actors have targeted DeFis the most, in yet another warning for those dabbling in this emerging segment of the crypto industry.

“DeFi is one of the most exciting areas of the wider cryptocurrency ecosystem, presenting huge opportunities to entrepreneurs and cryptocurrency users alike,” as per a report by Chainalysis. 

Last year, more stolen funds flowed to DeFi platforms (51 percent) and centralized exchanges received less than 15 percent of the total stolen funds, Chainalysis wrote in its annual Crypto Crime report. “This is likely due to exchanges’ embrace of AML and KYC processes, which threaten the anonymity of cybercriminals,” the report added.
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