In this blog post, we bring you news from the world of blockchain and cryptocurrency. Explore an unfortunate exploit hitting Multichain, Ethereum’s proposal for a ‘circuit breaker,’ the surging adoption of Web3 apps, the upcoming launch of Shibarium, and the record-breaking success of $BTC miners in Q2 2023.
Chainspot team
❗️ Multichain MPC bridge sees $100M+ outflows
Multichain, a cross-chain router, has confirmed an exploit across its bridges on Fantom, Moonriver, and Dogechain networks, resulting in the loss of approximately $130 million in user-supplied tokens. Developers have advised all users to suspend the use of Multichain services and revoke contract approvals.
The stolen amounts include $62 million worth of $USDC, $31 million $wBTC, and $13 million in $wETH. While the stolen tokens have not been sent to exchanges or mixing services, related tokens such as $FTM have experienced a decline in the past 24 hours.
🛡 Ethereum Developers Introduce ‘Circuit Breaker’ Proposal to Safeguard DeFi Against Hacks
Ethereum developers have presented EIP-7265, a proposed circuit breaker mechanism aimed at preventing sudden token outflows and deterring hackers in the DeFi space. The mechanism would allow developers to set withdrawal limits that trigger the circuit breaker, enabling delayed settlement or complete reversal of outflows. This initiative aims to protect users from immediate asset drainage in exploited DeFi protocols.
The proposal has gained support on Github, while suggestions have been made to include a timelock function to prevent abuse by administrators. The proposal coincides with Ethereum’s forthcoming upgrade, Dencun, which promises improved scalability for Layer 2 rollups.
📈 Web3 App Adoption Surges in June
Web3 app adoption remained strong in June despite regulatory challenges, with nearly 2 million wallets interacting with dApps, according to a report by DappRadar.
The gaming sector led the way with 36% of users, followed closely by DeFi with 35% growth. Notably, six of the top ten dApps were from the DeFi sector. DappRadar attributed the increased adoption to airdrop hunters utilizing Layer 2 solutions such as zkSync Era and StarkNet.
🐕 Shibarium Layer 2 Blockchain Set to Launch in August
Shytoshi Kusama, the developer behind the highly anticipated Shibarium layer 2 blockchain, announced that the network is expected to go live in August following a Toronto conference. Shibarium will utilize $SHIB, $BONE, $LEASH, $TREAT tokens for applications built on the blockchain. The testnet has already demonstrated significant activity, with 20 million transactions from an estimated 16 million wallets. The launch of Shibarium, focused on metaverse and gaming applications, could strengthen the fundamentals of $SHIB and its ecosystem.
⚒ Bitcoin Miners Achieve Record-Breaking Success: Q2 2023 Fee Revenue Surpasses $184M
Bitcoin miners have achieved an unprecedented milestone as their fee revenue for the second quarter of 2023 reached an astounding $184 million, surpassing the entire year of 2022. This remarkable feat represents a surge of over 270% from the first quarter and highlights the growing demand for Bitcoin transactions. The utilization of the BRC-20 token standard and Ordinals protocol has contributed to this success, opening new possibilities and functionality within the Bitcoin ecosystem.
We invite you to stay tuned as we continue to bring you breaking news, emerging crypto trends, and valuable insights into the world of DeFi. Join us on this journey and explore the potential of cross-chain solutions with our comprehensive aggregator platform!
Chainspot team
