Chain News by Thebittimes.Com

JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that explores potential decentralized finance (defi) applications in wholesale funding markets has completed its first live trades.” The announcement details that for this pilot: DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singa...

Join Our Telegram channel to stay up to date on breaking news coverage Early in 2021, decentralized finance (DeFi) drove the explosive expansion of cryptocurrencies, but since then, the value of the crypto market has collapsed. Global markets and developers’ carelessness with regard to cybersecurity and (sometimes self-serving) inflationary token structures have both played a part. Too much DeFi has been built on tokens created out of thin air or tokens that lend money to other tokens at excessive interest rates, with little actual economic activity to support the yields promised . Second, there have been several security flaws , hacks, and exploits of DeFi contracts and bridges, and the majority of well-known DeFi platforms have been the victim of an exploit. Last but not least, DeFi is only supported by native smart contract platforms and tools due to t he absence of a unified standard for defining DeFi contracts. This constrains DeFi’s potential for expansion...

On Monday, the Polygon-based decentralized exchange (dex) Quickswap lost $220K in a flash loan exploit and following the attack, the team detailed the Quickswap Lend platform will be terminated. Quickswap Hacked for $220K, Dex Project Sunsets Lending Platform 2022 has been quite the year for decentralized finance (defi) hacks as billions have been stolen due to mistakes, flash loans , faulty smart contracts, and unchecked lines of code. On October 24, Quickswap explained that the Market XYZ lending market was compromised for $220,000. “Quickswap Lend is closing,” the team’s Twitter account noted on Monday. “$220K was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which [Market XYZ] was using. Only the Market XYZ lending market was compromised. Quickswap’s contracts are unaffected.” Quickswap also added that Qi Dao provided the seed funds for the Market XYZ lending market and stressed that “no user funds were compromised.” The dex is encourag...

Although the broader crypto market remains at the mercy of bears, several digital assets are trading in the green. This article reviews a few of these bullish assets for value-seeking investors.  Impact Project (IMPT) IMPT is a solid asset for investors looking to invest in environmental, social, and government (ESG) investment initiatives.  The token underpins the Impact Project, an Ethereum-based protocol that uses blockchain to tackle climate change. The Impact Project allows users to fund sustainability projects worldwide and buy carbon credits. IMPT, the platform’s token, allows investors to earn profits while catering to the planet and its long-term future.  IMPT is currently available on presale. The asset has already raised over $6 million and is on track to raise $10.8 million in the presale’s first stage. And with Impact’s affiliate network of over 25,000 companies, IMPT could be primed for a huge price pump in the near futu...

Join Our Telegram channel to stay up to date on breaking news coverage A concerted effort is being made to control the cryptocurrency market by the Securities and Exchange Commission (SEC) and other U.S. market regulators. But a significant unanswered query that is essential to their objectives is: Bitcoin: A security or not? The word “currency,” which was specifically chosen by the founders of the movement to emphasize their desire to replace fiat currencies as both a store of value and a medium of trade, belies the problem. Since the debut of Bitcoin (BTC) in January 2009, it’s safe to say that the cryptocurrency market has evolved into the “Wild West” of financial markets. It was previously shielded from governments and other regulatory agencies’ prying eyes by the decentralized architecture of the system. The exact lack of regulation surrounding cryptocurrencies is what makes them so alluring to many aficionados. But because there aren...