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Statemind saving crypto companies $350M shows industry why blockchain audits matter

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Statemind saving crypto companies $350M shows industry why blockchain audits matter

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Over the last several days, a widespread investigation was launched into an anonymous white hat tipster who miraculously saved several top crypto protocols from substantial losses to the tune of $350M and still counting. The community eventually discovered that the hero of the story was blockchain security auditing firm Statemind.

The company is relatively new, yet its impact on the cryptocurrency industry is already being recognized and appreciated in a significant way. The recent situation is also the perfect example of why blockchain auditing firms are so important and can potentially save businesses millions in damages.

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Here is everything you need to know about the recent blockchain vulnerability in Avalanche, SushiSwap, Abracadabra, and other protocols. We will also shed some additional light on Statemind itself.

All About The $350M Vulnerability And White Hat Tipster

All across the crypto space, the most popular protocols are regularly bombarded with hackers who search for bugs and other backdoors into the underlying code that can be exploited for personal gain. These advanced hackers know there are millions, even billions, at stake with these blockchain networks across all assets, which makes them a high-value target at all times.

Source code must be immaculate of any vulnerabilities, or else someone will find it. In the recent case with Statemind and a handful of top protocols, the cryptocurrency community was lucky that the blockchain security auditing firm found the critical precompile vulnerability before a nefarious actor did.

Otherwise, the estimated damages would have been more than half a billion dollars, or at minimum, $350 million. Total estimates of damages are still climbing as the situation is fully assessed. Not only did Statemind prevent enormous losses across the crypto community, but they also weren’t even seeking credit for it and delivered a tip anonymously to ImmuneFi.

Statemind Steps Forward After Lengthy Crypto Community Investigation

Not satisfied with not knowing who the tipster was, developers took to the crypto Twitter community and began searching for answers. For the sake of transparency, those impacted began sharing their findings related to the vulnerability on social media and published post-mortems talking about what went wrong.

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Eventually, Statemind came forward, and the impacted blockchain developers expressed their deepest gratitude. It has also put Statemind in the spotlight across the crypto industry as both a hero and as a new auditing firm that is clearly worth paying attention to.

👀👀@statemindio came forward as the anonymous whitehat who tipped off the teams involved: https://t.co/MmG4hkkad7

Thanks again for all your work to alert the community of the issue! 🫡

— Patrick “The Faucet” O’Grady 🔺 (@_patrickogrady) September 8, 2022

Blockchain auditing firms are becoming increasingly necessary as blockchain protocols become more complicated and there is this much money at stake. Regular auditing and code review might come with a cost upfront but can save crypto companies and their users a fortune if and when something goes horribly wrong.

Learn More About Statemind Blockchain Security Auditing

Statemind.io is a premier blockchain security auditing company with over 100,000 LoC worth of Solidity and Vyper experience. The company recently came in 14th place in the Paradigm CFT 2022. Clients include LIDO, 1INCH, and Yearn.Finance, and it is easy to see why, after the company was able to save other blockchains and users from loss of funds.

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To learn more about Statemind.io or request an audit, visit the official website.

Disclaimer: This is a sponsored post brought to you by Statemine.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Animal Farm

Taking Yield Farming To The Next Level With Animal Farm

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Taking Yield Farming To The Next Level With Animal Farm

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As a result of DeFi protocols, access to finance has been democratized, allowing anyone with an Internet connection to gain access to opportunities and services. However, they only gained popularity after the ‘DeFi summer of 2020’ and the yield farming craze that followed.

The concept of yield farming has changed the way people view savings by becoming the standard means of generating passive income in the cryptosphere. Consequently, numerous DeFi protocols have developed their architecture and functionalities around yield farming. However, yield farming has remained virtually unchanged over the years despite its value.

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Introducing Animal Farm

Animal Farm is a DeFi protocol that is modelled after George Orwell’s novel of the same name that criticizes centralized power. Unlike its competitors, it is the first and only decentralized ownership lending and yield aggregation protocol in the DeFi industry.

The platform uses two native tokens, DOGS ($AFD) *live October 18th*, the reward asset, and PIGS ($AFP), the governance token, which represents the platform’s ownership stake.

Dynamic Supply

In contrast to other DeFi platforms, Animal Farm utilizes a dynamic supply control algorithm. By employing this innovative algorithm, the supply of the DOGS ($AFD) token, which will launch on October 18th, and the PIGS token, is determined in a trustless, decentralized manner.

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As a result of the supply control algorithm and tokenomics of DOGS ($AFD) and PIGS ($AFP), the supply is designed to remain stable and even become deflationary during times of low demand, thereby allowing for optimal pricing performance in all market conditions.

$AFP Giveaway – Join the Animal Farm Craze

The Animal Farm team will be conducting a giveaway contest in celebration of the full launch of the protocol on October 18th. After completing a series of tasks, one user will be awarded exactly $5,000 worth of BUSD. In order to avoid adding to the circulating supply of tokens, Animal Farm does not pay for promotion or marketing with native tokens. Therefore, the reward will be in BUSD.

Animal Farm Tokenomics & Reward Model

Launching on October 18th, DOGS ($AFD) has a unique vesting model which does not lock users’ tokens. By instead using a variable tax model, it has created an incentive structure that rewards those who secure profit in the form of BUSD and BNB dividends by staking DOGS ($AFD) instead of selling it on the market.

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Stakers in Animal Farm’s ‘DogPound’ have the tax associated with transacting their DOGS ($AFD) reduced at a rate of 1% daily. This model perfectly aligns incentives for optimal performance. It rewards users for removing AFD tokens from circulation while allowing them to earn as the wealthy do by accumulating assets; this allows them to earn a dividend paid out in BNB.

70% of taxes placed on DOGS ($AFD) token transactions are swapped for BNB and paid out to the ‘DogPound’ loyalty staking contract, allowing DOGS ($AFD) stakers to reduce their DOGS ($AFD) transaction tax while earning a high yield BNB dividend.

30% of taxes on transacted DOGS ($AFD) tokens are swapped for BUSD and paid out to the ‘PigPen’ as a high-yield BUSD dividend. The platform owners receive 75% of the fees generated from deposits and withdrawals in BUSD, which are then distributed as a high-yield dividend to $AFP stakers in the PigPen. 25% of fees generated on the platform from deposits and withdrawal fees are utilized to buy DOGS ($AFD) and add AFD/BUSD liquidity, generating a consistent flow of DOGS ($AFD) buy pressure and locked decentralized liquidity.

Whenever $AFP or $AFD tokens are sold, 3% of the transaction is burned, which removes them from circulation forever, making them deflationary.

Higher Yield Through Lending

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Decentralized lending is achieved by lending collateralised TVL (Total Value Locked) to Pancakeswap, the largest decentralized exchange on Binance Smart Chain (BSC). Thus, Animal Farm offers low-risk yield aggregation compounded on top of yield natively generated by the protocol. Yield generated through lending to Pancakeswap is converted to BUSD and paid out to ‘PigPen’ stakers. The users gain all the benefits of earning yield on Pancakeswap while earning additional cash flow on Animal Farm with improved incentive structures.

Governance

Not only are stakers of the $AFP token earning platform fees and taxes as owners of the platform, but they also have a vote on future roadmap proposals.

Sustainability & Performance

With all of the mechanics detailed above, rewarding users for removing $AFP & $AFD tokens from circulation and paying out a dividend for doing so in the non-native token (BUSD & BNB), and dynamic control of the supply based on underlying demand, Animal Farm and it’s native tokens are designed to be the highest performing yield generating assets ever created.

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Closing Thoughts

Animal Farm is ready to become one of the leaders in the DeFi world. There is an extensive roadmap, which includes already developed products, generous incentives, an appealing referral program, an elegant user interface, a distinctive architecture, and an innovative yield-generating system that performs at all market levels.

To learn more about Animal Farm, how to purchase $AFP now, and prepare for the full launch on October 18th, visit the official website and socials (Twitter, Discord, Youtube).


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Frutti Dino

Frutti Dino’s FDT Token To Be Listed On Huobi Global And Gate․io

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Frutti Dino’s FDT Token To Be Listed On Huobi Global And Gate․io

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Monoverse, a blockchain game developer, announced the simultaneous listing of FDT (Frutti Dino Token), the governance token of its blockchain game Frutti Dino, which will list on global crypto exchanges Huobi Global and Gate.io from October 5th.

Huobi Global and Gate.io announced on September 30th that FDT would be listed, and trade would begin on October 5th. Frutti Dino’s listing on the two exchanges represents an extremely significant step toward international recognition.

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Developed based on BEP-20, FDT (Frutti Dino Token) is the governance token of Frutti Dino, one of the most anticipated NFT Play-to-Earn games of 2023. A lot of effort is being put into preparing for the upcoming launch of Frutti Dino’s main game following the successful completion of its private sales last year and the first and second pre-sales in early 2022.

It is anticipated that Frutti Dino Stories – a social game in the growth simulation genre where users raise Dino characters – will be launched in the fourth quarter of this year. As for Frutti Dino, the main game is expected to launch in the first quarter of 2023. The company is anticipating that the official launching of both games will boost the value of their token.

Frutti Dino Stories features “MAP” (Minting after Play), symbolising the paradigm shift in NFT games. Through MAP, players can acquire ownership of in-game characters they have raised through NFT minting and load them into the main game. As a result, the strategy is expected to attract gamers unfamiliar with P2E games to become naturally connected while introducing them to the blockchain and NFT minting services.

Huobi Global, founded in 2013, is one of the world’s leading digital asset exchanges with offices across the globe. In recent months, Huobi Global has obtained an Innovation License from Dubai International Financial Centre (DIFC), enabling it to offer a full range of cryptocurrency exchange products and services in Dubai. Since its founding in 2013, Gate.io has become one of the most renowned cryptocurrency trading platforms. According to Forbes Advisor, it is ranked among the Best Crypto Exchanges for 2021. Based on global liquidity and trading volume, both exchanges are ranked among the top 10 cryptocurrency exchanges by CoinMarketCap.

Monoverse strongly believes that the initial listings of FDT on Huobi Global and Gate.io will be a substantial leap toward the international cryptocurrency scene for the company.

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Monoverse also mentioned discussing further with other major global exchanges after the initial Huobi Global and Gate.io listings. At the same time, the company is also planning to continue its efforts to secure more global partnerships and additional listings to expand its presence in the industry.

About Frutti Dino

Official Website: https://www.fruttidino.com/

Twitter: https://twitter.com/FruttiDino

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Facebook: https://www.facebook.com/FruttiDino

Social media channels: https://linktr.ee/fruttidino


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Unix Gaming & Delysium Are Decentralising Games In Surprising New Ways

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Unix Gaming & Delysium Are Decentralising Games In Surprising New Ways

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One of the core principles of web3 gaming is the idea of decentralisation–more specifically, decentralised ownership of assets. But, the teams at Unix Gaming & Delysium believe that by limiting decentralisation to assets, developers have also been limiting themselves.

What started as a desire to create a genuinely next-gen open-world title, even attracting investment from companies like Y Combinator, Delysium has expanded beyond its original confines. Instead, the team at Delysium recently announced that their game would be available for multiverse operators to publish under licence in what they’re calling Decentralised Game Publishing. Unix Gaming will be their very first multiverse operator.

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Why Not Just Publish It Themselves?

While the team at Delysium are more than capable of publishing their game, they believe this new approach enables it to evolve beyond even their wildest dreams. The example they give is Rockstar’s Grand Theft Auto V. While no one can argue that GTA V hasn’t been a truly incredible success, even Rockstar couldn’t predict how much it would evolve once put in the hands of gamers.

If you’re not familiar with GTA RP, or GTA Roleplay, it’s what happens when players take to the streets of GTA Online, taking on and acting out the roles assigned to them–be it a by-the-books police officer, innocent shop clerk, or east-side mob boss. Roleplay takes the idea of online second life to a whole new level, and it would have never happened if Rockstar maintained rigid control of the gaming experience.

To unlock the true potential of the world they’ve painstakingly built, the Delysium team hands keys to the castle to operators so they can put their unique twists on the experience–possibly taking it in inventive, exciting new directions. And, as it’s a web3 title, operators can use their token as the currency of the game’s world, adding more utility to their tokens.

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When it came to choosing their first multiverse operator, the choice was an obvious one.

Like Delysium, Unix Gaming Does Web3 Gaming Differently

Unix Gaming has grown from strength to strength, starting as one of the largest play-to-earn guilds after raising $30M in 2021, now serving as the premier partner for many of the industry’s best web3 titles, including Delysium. And as part of its partnership with Delysium, Unix Gaming will collaborate on developing several game modes and play experiences within the first iteration of Delysium–set to launch in 2023.

In a recent blog update, Unix Gaming announced its new focus on empowering web3 developers through its ecosystem–starting with an end-to-end development SDK to a first-of-its-kind web3 gaming platform, OWNED.

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Being Delysium’s first multiverse operator promises incredible new utility for the Unix Gaming token. It’s also an opportunity for its gaming studio, 1MHZ Studios, to flex its development muscles by assisting Delysium in defining this new approach to game publishing.

Both Delysium and Unix Gaming promise new updates soon. As part of their newfound collaboration, they also recently launched limited edition NFT skins providing access to an early version of the game.

The team at Unix Gaming described it as decentralised game testing, as players who purchase these skins provide essential data for refining the game and allow gamers to earn more than they paid for the skins in the first place.


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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