Decentralized finance’s explosive third quarter brought significant growth to stablecoins compatible with Ethereum (ETH). According to crypto market data aggregator Messari, the supply of MakerDAO’s Dai stablecoin grew by 623% in Q3 2020, pushing the token’s value above $1 for four consecutive months. Since starting July with a market cap of nearly $130 million, Dai’s supply has expanded to more than $940 million today. Dai is created when Ether holders deposit their ETH into the MakerDAO protocol, allowing them to create the stablecoin and using Ether as collateral. As an ERC-20 token, Dai can then be used on the Ethereum …

A new form of crypto agriculture appears to be taking shape, with Reddit’s “community points” tokens facilitating the emergence of spam-farming. Reddit’s community points are given to users based on their activity within a given subreddit, with the feature currently activated for the platform’s cryptocurrency and Fortnite communities as ERC-20 tokens, dubbed Moons and Bricks, respectively. With the xDai-based decentralized exchange Honeyswap recently launching pairings for wrapped versions of the tokens, Reddit users can now farm memes for profit. Reddit’s community points are distributed monthly based on user activity. The tokens were initially issued retroactively based on the “Karma” — …

The KuCoin cryptocurrency exchange is partly restoring deposits and withdrawals following a major hack. As KuCoin officially announced on Oct. 7, the platform has completed the wallet security upgrade for major cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT). Following the upgrade, KuCoin has resumed the deposit and withdrawal service of BTC, ETH, and ERC-20-based USDT. According to the announcement, USDT running on other blockchains like EOS, Tron, and Omni is not yet available for withdrawals. KuCoin stated: “KuCoin is gradually restoring the deposit and withdrawal services of all tokens, and the full service of USDT will also resume …

Yield farmers looking for a quick profit were recently taken in by a dubious DeFi protocol called UniCats — a yield farming scheme reminiscent of other, more famous protocols like SushiSwap or Yam Finance. According to ZenGo researcher Alex Manuskin, at least one of its users lost more than $140,000 worth of Uniswap's UNI tokens even after they removed their funds from the protocol. Other users lost about $50,000 more, Manuskin told Cointelegraph. The users fell victim to a dangerous practice commonly seen in DeFi, where most protocols will request the authorization to withdraw unlimited amounts of a particular token …

This story has been updated with information about the apparent error in the MOON smart contract. In defiance of Reddit's apparent wishes, crypto traders have devised a way to exchange the social platform’s ‘community points’ tokens for fiat — and it’s resulted in a pretty surprising market cap. In May Reddit announced it would begin distributing ERC-20 rewards tokens on the Rinkeby testnet among users of its cryptocurrency and Fortnite subcommunities in the form of ‘MOONs’ and ‘BRICKs.’ The tokens are distributed according to a user's contributions to the respective subreddits. xMOON pairings appeared on xDai network exchange Honeyswap last …

MEME, a community-driven project inspired by a ConsenSys developer’s satire of the yield farming bubble, has gained nearly 100% in 24-hours to post an all-time high of $1,775 after listing on Poloniex. Since the start of September, MEME has gained more than 900%, despite its supporters promoting the project through the slogan ‘don’t buy MEME.’ MEME is currently the 254th-ranked crypto asset with a $48 million market cap, with more than $17 million worth of MEME changing hands in the past 24 hours. The project’s unlikely rise began when ConsenSys’ DeFi product lead Jordan Lyall created a mock-advertisement for a …

More than $1 billion worth of Bitcoin (BTC) has now been tokenized to access decentralized finance protocols on the Ethereum network. That’s equivalent to the entire total value locked, or TVL, in DeFi less than four months ago. According to DeFi Pulse, roughly 98,300 BTC (worth $1.05 billion) has been tokenized using protocols other than Blockstream’s Lightning Network — equating to more than 12% of the DeFi’s sector’s $8.57 billion combined capitalization. The milestone illustrates the increasing popularity of ETH-based protocols for generating passive returns among Bitcoin holders, with the entire DeFi sector having been valued at just $1.05 billion …

Blockchain gaming firm Animoca Brands will launch its new REVV token on the popular decentralized exchange Uniswap. REVV will begin trading for Ethereum (ETH) on Uniswap from September 4 at 12 pm UTC. The token’s initial price will be $0.00666. The REVV token functions as a utility token on Animoca’s crypto-powered motorsports games, including F1 Delta Time and two new forthcoming releases. Animoca’s first upcoming title is a Grand Prix motorcycle racing, or MotoGP, game that will see more details released during Q4 2020. Another title “based on a global racing franchise” will also be announced soon. REVV is “the …

The host of the ‘Week in Ethereum’ Podcast and former Director of ConseSys, Evan Van Ness is the latest person to tokenize himself on the blockchain — a growing trend in the gaming and marketing sectors. Within two hours of launch, a quarter of the EVAN tokens had been sold with the price per token increasing six fold. The ERC20 tokens were created by using OpenZeppelin Contracts V3 code and were originally priced at around $0.04. At time of press, 250,000 tokens had been sold with the price rising to over $0.25, representing an increase of more than 500%. The …

The Kyber Network, a decentralized, on-chain cryptocurrency exchange, has just listed the Ethereum-compatible pLTC token — a new cross-chain token developed by pTokens project. Announcing the news to Cointelegraph on Aug. 3, Kyber Network said that pLTC tokens will be accessible through KyberSwap and other decentralized apps, or DApps. They will also be available on platforms powered by Kyber’s on-chain liquidity protocol. pLTC is pegged to Litecoin The news comes shortly after pTokens launched pLTC token on the Ethereum mainnet on July 29. Similar to other “pTokens”, pLTC token aims to unlock cross-chain decentralized finance, or DeFi, liquidity by connecting …

Ethereum’s dominance as the preeminent smart contract blockchain platform has been boosted by the popularity of decentralized finance and decentralized applications tokens in 2020, with ERC-20 tokens now accounting for nearly half of the assets on the blockchain. The smart contract platform has been in existence for just under five years and, in that space of time, has established itself as the blockchain of choice for DApp developers. Adding substance to that claim is data indicating that Ethereum has overtaken Bitcoin as the blockchain with the highest daily settlement value. This is largely due to the sheer amount of capital …

Helbiz Inc is facing a class-action lawsuit from investors for its plan to destroy the smart contract underpinning its ERC-20 token, HelbizCoin (HBZ). The electric scooter company initially claimed to have raised almost $40 million dollars for a cryptocurrency billed to disrupt the ride-sharing economy in 2017. In a July 6 memorandum filed by the plaintiffs in support of their request for a temporary restraining order and preliminary injunction against the firm, the investors claim to represent approximately 20,000 individuals who now face the permanent destruction of their private property. The plaintiffs assert that HBZ is orchestrating the destruction of …