WolfDAO Newsletter - #16
Earn up to 400% on wETH! Read more about $2 Million crypto recovery, Flow blockchain, OpenSea exploit, Reservoir Protocol Unvail, and other protocol happenings.
Earn up to 400% on wETH!
Wrapped Ether has leveled up the game as Nacho Finance (a Tomb fork on Polygon) provides a chance to earn up to 400%. Nacho Finance has $NACHO, which is synthetic $wETH pegged algorithmically stabilised, i.e. 1000 $NACHO = 1 $wETH. Users need to worry about $NACHO if it goes off the peg as impermanent loss (temporary loss of funds) is minimum or zero. Thanks to $NACHO being algorithmically pegged to wETH, both have the same price and provide liquidity to the wETH-NACHO pair on Quickswap. People investing should research and only then approach.
Source: DeFi Pulse Farmer
$2 Million worth of crypto recovered from Trezor Wallet
Dan Reich, a New York-based entrepreneur and crypto enthusiast, recovered over $2 M in crypto. Reich and one of his friends spent $50,000 in Bitcoin to purchase THETA tokens. The duo moved the cryptocurrency to a Trezor One hardware wallet. However, they realized in 2018 that they had lost the security PIN to the wallet which contained the tokens.
The price of Theta skyrocketed, with their initial investment rising above $3 million. The duo had already made 12 failed attempts out of 16 to guess the PIN. The two friends reached out to Joe Grand, a Portland-based hardware hacker, who eventually recovered the PIN with only four attempts left.
The company released a statement that the security issue found in Reich's device does not have the issue as all devices are equipped with a fixed bootloader. "We just want to add that this is an outdated exploit that is not a concern for current users and that we fixed in 2017 right after a report that we received through our responsible disclosure program," Trezor tweeted on January 26.
Flow Blockchain
Flow is a layer-1 fast, decentralized, and low-transaction cost occurring blockchain designed for a new generation of games, apps, and digital assets. The blockchain solves the scalability issues present in decentralized applications like NFT marketplaces and crypto games. Roham Gharegozloul, CEO of Dapper Labs, leads Flow blockchain. He has a bachelor's degree in Economics and dual bachelor's and master's degrees in Biological Sciences from Stanford University.
Flow works on a new cryptographic technique called Specialized Proofs of Confidential Knowledge. Flow boasts a multi-chain infrastructure allowing users to build crypto applications using a handful of features and tools.
Flow blockchain targets the scalability issues present in DApps with a unique multi-chain infrastructure. The blockchain is designed to achieve greater scalability without network collapse. Flow works on the SPoCKs cryptographic technique while the smart contracts are written in Cadence. The blockchain is based on the Proof-of-Stake consensus mechanism. At the same time, its multi-chain infrastructure consists of Collection, Consensus, Execution, and Verification roles for delegating work and uplifting validator's productivity.
Flow has a direct competition with Ethereum and Solana as both platforms possess excellent smart contract functionalities. Flow blockchain has a better TPS rate, low transaction costs, and better account-model than its rival Ethereum. Cadence is helping the Flow blockchain to go mainstream in the market.
Flow is currently trading at $5.27 (January 26) with a market capitalization of $1.6 Billion.
Solo Bitcoin miner earned a reward worth over $220,000!
January was disastrous for Bitcoin as the BTC fell significantly from its all-time high of $69k. While people are looking at BTC to climb the ladder, a bitcoin miner from the Solo CK mining pool has earned a reward of 6.25 BTC. The solo miner has mined a new block on the Bitcoin blockchain at a block height of 720,175. According to the reports, the miner has a hash power of approximately 86 terahashes per second.
An exploit in OpenSea helped a user earn Bored Ape Yacht Club NFT For $1,700 in Ethereum
A buyer who was surfing Opensea was lucky enough to catch an NFT of Bored Ape Yacht Club for just 0.77 ETH. While the floor price for BAYC NFT is currently 86 ETH, the buyer brought it for tens of thousands of dollars less than the collection's floor price. The user also brought two other NFTs for 6.66 ETH and 23 ETH from the BAYC. The BAYC NFT collection is OpenSea's No. 2 collection of all time.
Bitcoin miners faced Power Outage in Kazakhstan as Blackouts Roil Central Asia
Miners in Kazakhstan will have a hard time in the final week of January. The state-run Kazakhstan Electricity Grid Operating Company (KEGOC) has cut off electricity to Bitcoin and cryptocurrency mining companies from January 24 to 31. Although Kazakhstan has some of the lowest electricity prices globally, miners will have to wait for a little longer to start mining procedures.
Reservoir Protocol Unvail
The Reservoir is a web3-based NFT order book system that collects all liquidity into a single pool. The protocol adds a new layer to the stack that works with the layers above and below it. Orders reside on a different chain in the protocol rather than on Ethereum. Orders do as well asnot require the whole strength of Ethereum to secure them because they are self-contained signed messages. Instead, Reservoir stores raw orders in Arweave's low-cost "Data Lake." It's inexpensive enough that marketplaces can continue to provide the free listing experience that customers demand while still being secure enough to provide permissionless data access.
CRISP - Sell NFTs at a Targeted Rate Over Time
Protocol designer @_Dave__White_ along with @JustinRoiland introduced CRISP, a Constant Rate Issuance Sales Protocol. The protocol aims to provide an architecture to sell NFTs at a defined rate over time. The developer explains the mechanism with an example: "If we want to sell 100 NFTs per day but are on pace to sell only 10, CRISP will slowly decay the "buy it now" price. If we want to sell 100 NFTs per day but are on pace to sell 200, CRISP will rapidly increase the "buy it now" price with every new sell." The protocol keeps track of how quickly NFTs are sold and compares it to a target pace.
Oasis: An NFT Marketplace powered by StarkNet
StarkNet is a ZKRollup L2 on Ethereum in an alpha phase that promises low gas prices and L1 security. Oasis, a full-featured NFT marketplace, got announced on starnet. The marketplace will allow users to make and accept offers, post NFTs for sale, and acquire NFTs that have been listed. On Starknet, Oasis indexes all NFTs and ERC721 Cairo contracts.
ZORA V3 Announcement — An NFT Marketplace Protocol
The new NFT marketplace protocol ZORA claims to never go down, along with being composable, immutable, globally accessible, and censorship-resistant. Consider it a secondary market for everything NFT. The protocol's initial module is live on the mainnet, and it can list any ERC-721 NFT on-chain for a set price. For developers to experiment, ZORA V3 is accessible both Rinkeby and Ethereum Mainnet.