In a now-deleted deleted profile, an anonymous Reddit user allegedly lost close to $500k on Sunday after sending wrapped Ether (wETH) directly into a wETH wrapping smart contract. wETH came into existence as a way for Ether (ETH) to conform to the ERC-20 token standard so that it can be traded directly with altcoins minted on the Ethereum blockchain. To wrap Ether, users first send ETH to the wETH smart contract address and receive an equivalent token in return. However, to unwrap wETH, users must either swap for ETH on a decentralized exchange like Uniswap (UNI), or call the withdrawal …

The Internet Computer has released a roadmap for 2022 and beyond, indicating plans to roll out integrations with Bitcoin and Ethereum by the end of the year. The Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity — a nonprofit based in Zurich. The #ICP #BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency. Full story:https://t.co/kexreQTw20 pic.twitter.com/bQkKdel7r5 — DFINITY Foundation (@dfinity) January 27, 2022 …

Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group. People use social applications daily, but despite all the hype around supposedly “next-gen” blockchains, none of those social applications are decentralized. Let’s unpack why, using two blockchains as a reference: Ethereum and Steem. Ethereum has far more developers than any other general purpose blockchain, and yet none of those developers have managed to build a social application with mainstream adoption. At one time, Steem was one the most widely …

While Ethereum (ETH) is constantly in the news cycle regarding its upcoming 2.0 update, similar smart contract-powered platforms are slowly building up their reputations. One such network is Cardano (ADA), a peer-reviewed, proof-of-stake (PoS) blockchain network for DApp development and decentralized finance (DeFi). As developers begin deploying DeFi decentralized applications (DApps) on the Cardano platform, they’ll need the support of layer-two solutions to scale, remain secure and manage and incentivize their communities. ADALend is leading the charge in this regard, offering features to slowly entice users away from Ethereum and onto Cardano. A decentralized shift ADALend is a Cardano-based lending …

How can DeFi systems protect themselves from flash loan attacks? A large majority of DeFi hacks are flash loan attacks. Since the technology is new, vulnerabilities are not readily apparent and may require skilled developers to identify. Flash loan attacks can cost DeFi protocols and their users hundreds of millions. As such, safeguards must be put into place to ensure that a protocol is robust and sanitized. Despite being vulnerable to attacks, there are several preventive measures that DeFi systems can take to protect themselves: Decentralized pricing oracles to protect against slippage Contracts are left vulnerable to manipulation and exploitation …

Can a smart contract be destroyed? Yes, smart contracts can be destroyed using the selfdestruct function. Ethereum smart contracts provide a selfdestruct function that allows them to destroy a contract on the blockchain system. It is, however, a two-edged sword for developers. On the one hand, the selfdestruct function allows developers to delete smart contracts from Ethereum and transfer Ether in the event of an emergency, such as an attack. On the other hand, this function might add to the development's complexity and provide an attack channel for attackers. When security flaws are discovered or the functionality of a smart …

Ether (ETH) price lost the $3,600 support on Jan. 5 as minutes from the Federal Reserve's December FOMC meeting showed that the regulator was committed to decreasing its balance sheet and increasing interest rates in 2022. Even with that looming overhead, Ether has problems of its own, more specifically, the ongoing $40 and higher average transaction fees. On Jan. 3 Vitalik Buterin said that Ethereum needs to be more lightweight in terms of blockchain data so that more people can manage and use it. The concerning part of Vitalik's interview was the status of the Ethereum 2.0 upgrade, which is …

The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network. One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed. Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10 on Jan. 9, the price of NEAR climbed more than 50% …

Internet Computer (ICP) has entered 2022 with a bang. The ICP price rose by over 56% in the first five days of the new year, reaching a 30-day high of $38 on Jan. 5. Its massive upside move accompanied a spike in trading volumes, underscoring a strong and healthy bullish sentiment for now. At the center of ICP's recent price rally was a flurry of optimistic news. That includes Binance's decision this Tuesday to list a financial instrument that would enable traders to directly swap ICP to/from Ethereum's native token Ether (ETH) and the launch of Terabethia, a cross-blockchain bridge, …

A decentralized finance (DeFi) project claims it has become the first to upgrade protocols and launch on three blockchains at the same time. EverRise offers a suite of security solutions that are all integrated through their bridge between blockchains — enabling assets to move freely and speedily from one network to another while also bringing an entire ecosystem across multiple chains. It now has a presence on Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (MATIC), and all three share one token with a single circulating supply. The blockchain services company has invented a collection of decentralized applications (DApps) too. …

Decentralized finance (DeFi) dominated media headlines throughout 2021 and the sector, along with nonfungible tokens (NFTs), helped to initiate the mass adoption of cryptocurrencies. While high yields on staking and instant profits from flipping jpegs have proven to be very lucrative for investors, it’s important to remember that none of it would have been possible without the underlying capabilities of smart contract technology. The Ethereum network remains, hands-down, the most widely used layer-one smart contract platform in the crypto ecosystem, but everyone knows about the high fee and clogged network issues of the past few years. In 2021, competing networks …

Solana (SOL) has become a top contender in the smart contract industry and in the past year the network's total value locked (TVL) grew by $660 million and stretches across more than 40 decentralized applications to hit an all-time high above $11 billion. Even with this growth, investors have reason to question whether the current $56 billion market capitalization is justified and how it compares to competing networks like binance smart chain (BNB), Avalanche (AVAX) and Polygon (MATIC). By analyzing the past 6-month price performance, there's an apparent decoupling from Terra (LUNA), Solana and Avalanche when compared to other smart …