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Polygon (MATIC), a Layer-2 scaling solution for Ethereum, has been a popular choice for developers due to its fast and cheap transactions. However, its future may be in jeopardy as Ethereum transitions to a proof-of-stake (PoS) consensus mechanism, which is expected to significantly reduce gas fees and increase transaction speeds. This has led experts to consider RenQ Finance (RENQ) as a potential replacement for Polygon.

Polygon was designed to address the scalability issues of the Ethereum network by creating a Layer-2 scaling solution that allows developers to build decentralized applications (dApps) with fast and cheap transactions. The platform achieves this by using sidechains, which are essentially separate blockchain networks that can interact with the Ethereum network.

Polygon has gained significant traction in the crypto community, with several popular dApps such as Aave and SushiSwap migrating to the platform to take advantage of its benefits. However, the upcoming Ethereum transition to PoS is expected to render Polygon obsolete as Ethereum itself becomes faster and cheaper.

RenQ Finance is a decentralized finance (DeFi) platform built on the Ethereum blockchain. The platform offers a range of DeFi services, including a DEX, liquidity pools, yield farming, and lending protocols.

What sets RenQ Finance apart from other DeFi projects is its modular and composable architecture, which makes it easier to integrate with other DeFi projects.

RenQ Finance has gained significant attention in the crypto community due to its innovative approach to DeFi and its impressive presale stage, which reached different milestones within a short period. The platform has also been working on building a range of other services, including a launchpad for new projects and an NFT marketplace.

RenQ Finances lending protocol is a standout feature of the platform, providing money markets for both lending and borrowing. Interest rates are determined algorithmically based on the supply and demand of the asset, which improves liquidity, creates transparent interest rates, reduces speculative risks, and streamlines the lending process without the need for a counterparty.

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The platforms technology and use cases make RenQ Finance a promising investment opportunity for those interested in decentralized finance. With its innovative features, strong community support, and potential for growth, RenQ Finance is an attractive option for investors looking to participate in the DeFi space.

Experts believe that RenQ Finance could replace Polygon as a Layer-2 scaling solution for Ethereum due to its speed and low transaction fees. The Ethereum Binance smart chain blockchain on which RenQ Finance is built can handle many transactions per second, making it one of the fastest blockchain networks in the market. This is significantly faster than Polygons current transaction speed, which is limited by the Ethereum networks capacity.

In addition, RenQ Finances modular architecture allows for seamless integration with other DeFi projects, making it an attractive option for developers looking to build on a scalable network. The platforms range of services, including its launchpad for new projects and NFT marketplace, also suggest that it has a bright future ahead.

Furthermore, RenQ Finances early success in its presale stage is a testament to the platforms potential and investor confidence in its future prospects. This could lead to more adoption and growth in the future, making it a viable alternative to Polygon for developers and users alike.

The Ethereum transition to PoS is expected to significantly reduce gas fees and increase transaction speeds, which could render Polygon obsolete as a Layer-2 scaling solution.

RenQ Finance is being seen as a potential replacement due to its speed, low transaction fees, and innovative approach to DeFi. While the future of Polygon is uncertain, RenQ Finances early success and potential for growth make it an attractive investment opportunity for those looking for a scalable blockchain network.

Click Here to Buy RenQ Finance (RENQ) Tokens.

Visit the links below for more information about RenQ Finance (RENQ):

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Polygon (MATIC) Future In Jeopardy Post-Ethereum Transition ... - The Crypto Basic

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New York, New York--(Newsfile Corp. - April 17, 2023) - BRN Token, a metaverse cryptocurrency, will be listed on Gate.io, a leading cryptocurrency exchange, on April 27. Serving more than 13 million users worldwide, Gate.io features over 1,400 cryptocurrencies and boasts a 24-hour trading volume of more than $5 billion. "We're pleased to announce that our BRN Token will be listed on Gate.io later this month," Baran Ozcan says.

Caption: BRN Token, 'Gateway to Metaverse,' Soon to Be Listed on Gate.io

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8552/162636_a7492a5bd4317b32_001full.jpg

Opening Door from Gaming to Metaverse

The BRN Metaverse project aims to build the future of the internet with a new game to be played in the metaverse. Developed on the Binance Smart Chain, the project features a range of innovations in the fields of AI, Web3, GameNFT and GameFI. Driven by AI and based on the play-to-earn (P2E) model, the game lets players compete individually or in teams. They can also earn Tokens while having fun and socializing with other players.

According to Baran Ozcan, the game's beta version is slated to launch in the second quarter of this year. "We aim to open the door from the world of gaming to the metaverse," he explains. "With this project, we hope to advance and popularize Web3 technology, which some have described as the 'new version' of the internet."

'Largest Universe Ever Built'

Of the 320 million BRN Tokens produced, 300 million will be locked for one year, and 20 million tokens will be released. "Our metaverse and Web3-based game will be the largest universe ever built in cryptocurrencies," Baran Ozcan says. "It will serve as a platform for live concerts and social gatherings, while users will be able to earn NFTs by playing games."

"Players can select items from three-dimensional catalogs," he adds. "We will also integrate wearable technologies into cryptocurrency. Thus users with these devices will be able to use them in the metaverse."

All financial transactions in the BRN Metaverse will be conducted with the BRN Token, which is already listed on several leading exchange platforms, such as Coinmarketcap and CoinGecko.

Caption: The BRN Metaverse project aims to build the future of the internet with a new game to be played in the metaverse.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8552/162636_a7492a5bd4317b32_002full.jpg

"At BRN Metaverse, we're looking forward to leading the new Web3 era and creating a permanent world in the metaverse."

Contact:Baran OzcanBRN Metaverse [emailprotected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162636

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BRN Token, 'Gateway to Metaverse,' Soon To Be Listed on Gate.io - StreetInsider.com

Burger King in Paris now accepts Bitcoin, and Ralph Lauren has also recently integrated crypto payments and NFT gifts. However, these cases are the exception rather than the rule. Despite all the advantages that crypto can bring businesses, the merchant adoption rate is still at a low level. So what can we do to facilitate it?

Here, Dmitry Ivanov, CMO at the crypto payments ecosystem CoinsPaid, and an expert in crypto adoption, highlights barriers to merchant crypto adoption.

Demand for crypto payments is rising among both businesses and consumers. Considering the growing trend of crypto payrolls among enterprises, remote workers, and developing nations, digital asset payments might help businesses reach a new audience that is actually willing to spend coins to cover everyday expenses.

As another opportunity for retailers, cryptocurrency shoppers are a crowd with underserved demands in this field, with 40.5 per cent of respondents of CryptoRefills research indicating the lack of merchants and brands that accept crypto as their top problem in 2022.

That said, as part of a major global trend, most enterprises are looking forward to accepting crypto from their customers in the future.

According to a Deloitte study polling 2,000 senior executives at US retail organisations, 85 per cent of the respondents expect digital asset payments to be ubiquitous in their industry in five years. At the same time, another 85 per cent of the participants consider cryptocurrency integration either high priority or very high priority, while about 75 per cent reported plans to accept stablecoin and crypto payments within the next 24 months.

However, major market challenges significantly slow down enterprise crypto adoption, presenting new barriers for merchants. For most of this article, Ill be relying on my teams research to illustrate these problems and find a potential solution.

The high volatility of cryptocurrencies is considered among the top barriers to their payment adoption. Indeed, crypto is among the most volatile asset classes out there. Based on this chart, Bitcoins one-year volatility is three times larger than oils and nearly 13 times higher than that of gold.

Since cryptocurrencies are susceptible to extreme price swings in short periods of time, they pose increased risks for merchants. Even before receiving the payment from the customer, they could lose 5-10% (or even more) of the order value on a day when the market is highly volatile.

Fortunately, this challenge can be easily tackled with stablecoin payments. As their value is pegged to the price of major fiat currencies like the USD and EUR, stablecoins offer an excellent way for both merchants and their customers to minimise the negative impacts of volatility.

Stablecoins can also come in handy during the current bear market conditions. Our Q4 2022 report is the perfect example of this phenomenon, in which my team identified a 488% YoY growth of USDT transactions on the platform in 2022. Such interest in the stablecoin was due to market dynamics, as industry players tend to convert their digital asset positions into stablecoins after a more significant fall.

One of the major downsides of top decentralised blockchain networks is limited scalability. Consequently, they become congested during bull markets and periods of rising user activity, exponentially increasing transaction fees to levels unsuitable for many consumers and businesses.

For example, the average ETH transaction fee typically ranged between $25 and $60 during the peak of 2021s bull market, which made the Ethereum blockchain unviable for small payments. This presents a major problem for both retailers and their customers, as most consumers would be uncomfortable with paying an additional 20 per cent on top of their order value just to use digital assets as a payment method.

Not mentioning the dissatisfaction that may occur for merchants if they have to wait even a minute of extra time receiving a transaction. Instead, they will leave their coins untouched in their wallets and use fiat for shopping.

As I see it, merchants affected by the issue can integrate cryptocurrency payment methods across multiple blockchains. In addition to Bitcoin and Ethereum, it is also a good idea to support digital asset transactions via high-throughput networks like Ethereum layer-two (L2) chains, Solana, Tron, and Binance Smart Chain. While this provides more choices for customers, they also have access to cost-efficient and fast alternatives to settle their payments.

Besides the above two, merchants are facing another challenge with crypto payments: a lack of proper compliance solutions. The lack of regulatory framework in the crypto sector doesnt assist in this matter. As it may be unclear which party is responsible for payment compliance and merchants dont have access to the automated systems they could use to report transactions to regulators, they are assumed to do the whole process manually.

Consequently, for a merchant that accepts hundreds of crypto transactions every day, this means having to expend additional valuable resources to comply with regulations. The good news is that outsourcing this process can easily solve the issue, especially considering that multiple services on the market offer automated transaction reporting and compliance management features.

Crypto payments can help merchants scale their businesses, attract new customers, cut their costs, and reduce the risks of chargebacks. However, mainstream adoption wont come until market players manage to tackle several challenges, such as volatility, gas fees, and automated compliance.

While the market still has plenty of room to mature, retailers already have access to the solutions that can remove most of the barriers to crypto adoption. In the future, cryptocurrency adoption and education among consumers will likely be at high enough levels that it will become a must for every business to accept digital asset payments.

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What Challenges Do We Need to Tackle to Speed Up Merchant ... - The Fintech Times

Today,s market session seems a rather volatile one with bulls and bears both struggling for market dominance. The global market cap, standing at $1.26T, had recorded a 0.73% decrease in 24 hours.

Bitcoin, now hovering on the $29K level has had a slow start, recording a 1.34% decrease as bulls struggle to regain control of the market. BTCs trading volume has increased by 14% representing some activity in the assets network.

Ethereum, also facing resistance at the $2.1K level, had recorded a minor increase of less than 1% within 24 hours as of press time, while the weekly gain stood at 9%.

Amid todays slow market, Doge is seemingly doing well recording an increase of over 3% within 24 hours as well as a weekly gain of 9.5%. As Doges popularity keeps growing day by day, the assets trading volume has recorded a 142% increase sowing increased whale activity on the meme coins network.

Arbitrum continues to make trends, gaining 8% within 24 hours as well as an impressive 43% gain for the week. The assets market cap had also grown by 8% as of press time. Arbitrum comes in second place on the trending list as presented by CoinMarketCap.

Space ID seems to be one of todays top gainers, gaining 12% within 24 hours and an impressive 101% growth for the week.

These massive gains can be attributed to two recent partnerships on the network. Space ID Protocol, a one-stop hub for Web3 domains, has recently entered into two integration partnerships, resulting in the surge of the native ID token. The first partnership is with MixTrust, while the second partnership is with Battle City, a blockchain-based gaming platform.

The integration partnership with Battle City will explore the integration of the .bnb domain in the Battle City platform and the future Binance Smart Chain ecosystem, utilizing Space IDs capabilities to reshape Web3-identity. The partnership also offers a chance for users to win 10 Legends of Tank NFTs by following both Battle City and Space ID Protocol on Twitter.

The surge in the native ID token value can be attributed to these two recent partnerships, indicating the growing interest and demand for Web3 domains and identity management solutions. With Space IDs one-stop hub for Web3 domains, users can easily discover, register, trade, and manage across blockchains, offering a seamless user experience. The partnerships are a significant step towards creating a more decentralized and secure Web3 ecosystem, where users have complete control over their digital identities.

As the Web3 ecosystem continues to evolve, partnerships like these are expected to play a crucial role in shaping the future of decentralized identity management solutions. Space ID Protocols recent partnerships with undisclosed entities and Battle City highlight the increasing interest in decentralized identity management solutions, and it will be interesting to see how these partnerships shape the future of Web3-identity.

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Bitcoin and Ethereum Continue to Face Resistance as Space ID ... - Blockchain Reporter

DeFi experienced six major exploits that resulted in losses of over $33 million USD, from April 7th to 14th, 2023. The incidents highlighted the need for conducting regular security audits to address vulnerabilities in smart contracts.

We're excited to announce our new security series in collaboration with D3ploy, a leading Web3 security team dedicated to enhancing the safety of the industry. Together, we'll provide regular updates on the most significant security threats and vulnerabilities encountered.

The week of April 7th to 14th, 2023, witnessed a series of high-profile exploits in the decentralized finance (DeFi) industry, causing significant financial losses and demonstrates that while DeFi holds immense potential to revolutionize the financial industry, it is still in its infancy and has a long way to go in terms of security and robustness.

By learning from these exploits we as a DeFi communitiy can work together to strengthen the ecosystem and pave the way for a more secure and stable decentralized financial future.

The six major exploits that occurred during this period include:

The total estimated value lost across these exploits is over $33 million USD, with some funds recovered across various incidents. These security breaches underscore the importance of conducting regular security audits to identify and address vulnerabilities in smart contracts, particularly when releasing updates.

Lets explore each individual exploit in a little more depth

South Korean centralized exchange GDAC experienced a severe hot wallet hack on April 9th, 2023, resulting in the loss of 14,324,040 $USD worth of cryptocurrency. The stolen assets included 60.8 $BTC, 350.5 $ETH, 220,000 $USDT, and 10,000,000 $WEMIX. This theft accounted for approximately 23% of GDACs total assets under custody.

The exchanges emergency response team acted quickly to suspend all deposit and withdrawal services and block related servers. GDAC reported the incident to the police and the Korea Internet & Security Agency (KISA) for technical support, as well as notifying the Financial Intelligence Unit (FIU). GDAC urged asset issuers, exchanges, and DeFi managers to freeze assets and collaborated with various organizations to recover the stolen funds.

Yearn Finance, a yield aggregator, and Aave Protocol, a lending and borrowing platform, fell victim to a flash loan attack on April 8th, 2023, resulting in a combined loss of 11,512,509 $USD worth of $ETH and $DAI. The attacker executed the exploit using two malicious smart contracts and took a flash loan for 2,000,000 $USDT, 5,000,000 $USDC, and 5,000,000 $DAI from Balancer. The borrowed assets were used to exploit a vulnerability in Yearn Finances USDT pool, allowing the attacker to mint a significant number of ycUSDT and yUSDT tokens, which were then swapped for various stablecoins.

A smaller attack occurred simultaneously, affecting Aaves LendingPoolCoreV1 contract. The attacker repaid all users USDT positions in the Aave V1 protocol. The stolen assets were transferred to destination wallets, with 1,000 $ETH bridged through TornadoCash.

On the morning of April 10th, 2023, Terraport was exploited, leading to losses of approximately 4 million USD in Terra, LUNC, and USTC tokens. The exploit was made possible due to a mathematical weakness in the algorithm used to calculate LP prices.

The malicious actor added a small amount of liquidity to the protocol and then manipulated the LP share price, allowing them to withdraw a large amount of liquidity. Two pools were affected, the first one drained for 9,148,426 TERRA ($1.8 million) and 15,100,861,997 LUNC ($1.88 million), and the second one for 576,736 TERRA ($115K) and 5,487,381 USTC ($117K). The total losses amounted to about $4 million USD.

SushiSwap, a cross-chain decentralized exchange, experienced an exploit on April 7th, 2023, due to a bug related to approvals of its RouterProcessor2 contract. The vulnerability led to losses of nearly 3,505,000 $USD from the user named sifuvision.eth.

The hack was caused by a smart contract bug on SushiSwaps RouterProcessor2 contract, which allowed attackers to bypass security checks and withdraw affected users approved tokens. The incident affected users who swapped on the platform within four days before detection. After detecting the exploit, Jared Grey, head developer at SushiSwap, urged users to revoke permissions for all contracts on their platform while they worked with security teams to mitigate issues.

An interesting part of the story is that the initial hack of 100 $ETH was performed by a white hat, who tweeted about the vulnerability and returned 90 $ETH back. However, several EOA addresses used the same vulnerability to exploit the same user for a more significant amount of 1,790 $ETH. Jared Grey announced the returning of 300 $ETH with the help of the community and is working on returning 700 $ETH from the Lido Vault.

MetaPoint, a metaverse running on the Binance Smart Chain, was hacked on April 11th, 2023, through a vulnerability found within their deposit function. When a user used the deposit function, it created a new contract and deposited tokens into that contract. The issue arose because this newly created contract had an approve function that gave unrestricted access to $META tokens without any restrictions or limitations.

An attacker took advantage of this by deploying a malicious smart contract with unverified source code and draining mass amounts of funds from users who had deposited $POT tokens onto their platform. The exploiter was able to steal 2,518 $BNB, worth 803,242 $USD at current market rates. All the stolen money was transferred through TornadoCash.

OpenAI ATF, a BEP20 token trading on PancakeSwap, experienced a rug pull on April 14th, 2023, by the deployer who removed liquidity worth 340,061 $USD. The deployer removed LP funds over nine transactions and swapped them for $WBTC. Part of the stolen assets remains in the deployers original address.

The turbulent week of April 7th-14th, 2023, witnessed six major exploits in the DeFi industry, resulting in over $33 million USD lost. Some of these funds have been recovered, thanks to the quick response of project teams and the collaboration of the wider DeFi community. The incidents serve as a stark reminder of the importance of conducting regular security audits to identify and address vulnerabilities in smart contracts, especially when releasing updates.

It is crucial for developers, project owners, and users to remain vigilant and prioritize security measures to ensure the overall safety of the DeFi ecosystem. As the industry continues to grow and evolve, so too will the need for robust security practices, including regular audits, thorough testing, and close collaboration.

D3ploy is an industry leading smart contract auditing service offering support to all public and private blockchains.

D3ploy offers comprehensive auditing services that cater to projects of any budget. With an impressive track record of auditing over 50 projects with zero security breaches to date and securing more than $6.5 billion in crypto assets, D3ploy is the ideal choice for DeFi projects seeking to ensure the security of their smart contracts.

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D3ploy Unpacks Biggest Security Breaches of the Week - BSC NEWS