A recap of notable news from the week.
DeFi News From Last Week
Cryptocurrency never sleeps, and neither does crypto news and content. Because of this constant stream of information, it’s difficult for investors to keep track of the most notable news. In this weekly recap, BSC News shares some of the most exciting stories and breaking news events of the week to help you stay up-to-date on all things DeFi.
September Report from Binance Research and Binance Labs
Binance Research and Binance Labs recently collaborated on a September Report that explored the state of Decentralized Finance (DeFi) in the BNB Chain ecosystem, with a more narrow focus on how the chain has responded to a declining market.
The report included data on total transactions, the Total Value Locked (TVL) on BNB Chain, trading volume, individual leading projects’ performance, as well as the rise of liquid staking.
Read the summary of the report here.
BNB Chain Pauses Activity After Attacker Makes Off with $100-110 Million in $BNB
In a series of events that unfolded rapidly, an attacker exploited a flaw in the BSC Token Hub cross-chain bridge to create 2 million new $BNB and attempted to send it off-chain. BNB Chain froze all activity on-chain, which limited the damages to around 20% of the total new $BNB making it off-chain. This caused a minor panic in the community, with the price of $BNB dropping as much as 13% before slightly bouncing back.
Here’s How to Stake Your Floki Tokens with DODO on BNB Chain and Ethereum
Floki recently rolled out $FLOKI staking using the DODO exchange on both BNB Chain and Ethereum. The Floki community showed their appreciation by locking in around $2 million in the span of just 24 hours.
While staking is a very popular way to earn passive income, it can differ from platform to platform. This article is an explainer on how users can stake $FLOKI on DODO, with explanations for both BNB Chain and Ethereum users.
Read about how to stake $FLOKI on DODO here.
How Vulnerable Are Yield Farms? Past Exploits, Steps to Improve Security
Yield farming is an excellent way to earn income in crypto while simultaneously helping to keep the ecosystem running, leading to a rise in its popularity. However, with that rise in popularity has come a series of exploits, leading some to question how safe it is to use yield farms.
This article explores a common vulnerability shared by many exploited projects, an error in the MasterChef smart contract that the projects were using as basis for their own smart contracts. The article also dives into what projects are doing to combat these exploits, sharing some of the strategies used by platforms like Curve Finance and GarudaSwap.
Read more about the vulnerabilities and how projects are addressing them here.
More Than a Memecoin? Shiba Inu to Launch Shiba Eternity Game
The sudden explosion of Dogecoin during the latest bull run saw a new niche pop up in crypto – memecoins. These lighthearted projects often focused on marketing and community, meaning that when market conditions turned sour, many projects died out due to a lack of utility.
It initially appeared that Shiba Inu, perhaps the most successful of these projects outside of Dogecoin, would also follow this pattern. However, Shiba Inu has made strides to shed the ‘meme’ label, with an example of this effort found in the upcoming Shiba Eternity Game.
Read more about the upcoming offering from Shiba Inu here.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.