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Singapore,August 27,2021/AlexaBlockchain/ L2 Labs Foundation, the high-profile software engineering team behind flagship Ethereum-based decentralized exchanges (DEXes), solidifies its stance as a prominent scaling infrastructure provider. Now it intensifies the research and development efforts addressing the one-stop payment solution for businesses and individuals.

Seasoned blockchain developers from L2 Labs have shared the details of their new product, L2.Cash. It is going to allow decentralized applications and end users to harness leading L2 scaling techniques of the Ethereum (ETH) universe, zk-proofs.

The new product will be integrated with major Ethereum-based decentralized trading platforms and open to the whole blockchain ecosystem: no previous expertise in blockchain programming will be required to utilize L2.Cash.

Due to revolutionary resource-efficiency of zk-proofs, all Layer 2 transactions in L2 Labs solutions are 100% free. L2.Cash can also be used free of charge that reaffirms L2 Labs strategy of further expanding feeless scaling solutions worldwide.

Technically, L2.Cash should be referred to as a payment protocol for lightning-fast, low-latency retail transactions. Thus, it is the first out-of-the-box solution for retail users and merchants developed by L2 Labs. The launch of L2.Cash will finally give a proper spin to real-world zk-proofs adoption flywheel.

L2.Cash facilitates nearly-instant value transfers as zk-proofs infrastructure allows very low transactional latency and full consistency of L1/L2 status. It ensures maximum capability of 1,000 txs per second for all ERC-20 tokens.

Thus, using L2.Cash can save users businesses and wallets from the congestion and fee spikes of mainstream blockchains like Ethereum (ETH) and Binance Smart Chain (BSC). As covered by U.Today previously, within the periods of maximum network overload, fees on Ethereum-based DEXes like Uniswap (UNI) can spike over $250 per one swap.

L2.Cash boasts resource-efficient airdrop functionality: all Ethereum-based tokens can be distributed through its instruments free of charge. L2.Cash can airdrop tokens to 10 users every second. This feature is a crucial one for early-stage teams with tokens as it allows to save on infrastructure costs while airdropping assets to first adopters.

Also, the L2 Labs team is actively researching opportunities for zk-rollups technology to get connected to Ethereum Virtual Machine, also dubbed EVM, a decentralized computer behind Ethereum and a number of similar blockchains like Binance Smart Chain (BSC), Huobi Eco Chain (HECO), OKEx Chain (OEC), Polygon Network (MATIC), and so on.

Once deployed, L2.Cash protocol will be able to expand on every EMV-compatible chain. This, in turn, will open massive opportunities for its user base boost.

SOURCE L2.Cash

This Post L2 Labs Foundation Explores L2.Cash Protocol to Bring Zk-Proofs to Payment Tools first appeared on https://www.prnewswire.com/.

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Hong Kong Pioneers Bitcoin and Ethereum ETFs in the Asian Market - AlexaBlockchain

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In the cryptocurrency world, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) remain three of the most-watched tokens for good reason. Unfortunately, onlookers have seen mostly downside price action over the weekend. Since market close on Friday, these three top digital assets have sunk 4.2%, 2.5% and 11.2%, respectively, as of 12:45 p.m. ET on Monday.

An initial sharp decline was seen in all three tokens in early Saturday trading, in line with the reported escalation of the ongoing conflict between Iran and Israel. While each of these three tokens has made up some of this weekend's initial losses, it's clear that cryptocurrency is not immune from the geopolitical forces driving capital in and out of assets in times of uncertainty.

These moves are also significant because they come ahead of this week's expected Bitcoin halving, in which block rewards for miners will be cut in half. Typically, previous halvings have resulted in a booming price, which has bled into other crypto assets as well.

But given the anticipation around this rise, as well as capital inflows into spot Bitcoin ETFs, some investors appear to be betting that much of this rally might have already taken place, leading to caution heading into this key catalyst.

Let's dive into some other key factors to consider when it comes to these three top tokens and their price action today.

Bitcoin's move is perhaps most important to watch, as the largest cryptocurrency in the world heads into its latest halving, expected to take place on or about April 20. We'll have to see how the network responds, and how investors value the network as its inflation rate is halved yet again.

The fact that Bitcoin did not rise on increased Iran-Israel tensions suggests that investors are continuing to view it more as a risk asset and less as a hedge against uncertainty. We'll have to see if this narrative shifts, particularly if some response from Israel is seen in the coming days.

Ethereum's move, while negative, has been the strongest of the three over the weekend. This is likely due to news that the Securities and Exchange Commission (SEC) has approved applications from three Chinese companies to list Bitcoin and Ethereum spot ETFs in Hong Kong.

No official report from the SEC has been released, but this could signal that a spot Ethereum ETF approval in the U.S. is likely to be seen in short order. For now, overarching macro concerns appear to be stealing the spotlight from this otherwise positive catalyst. I would expect Ethereum to continue to outperform its fellow large-cap tokens in the coming weeks, as investors price this catalyst in.

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Dogecoin's double-digit move lower over the weekend once again exemplifies this token's nature as a high-risk and high-leverage bet on momentum within the crypto space. A lack of any meaningful rhetoric from Elon Musk (and negative sentiment building around Tesla and its recent layoffs and full self-driving announcements) have investors seemingly looking for other options in the crypto realm right now.

Certainly, there are a number of bullish catalysts that could take these three top tokens higher this week. The Bitcoin halving and the reported approvals of spot Ethereum ETFs should be broadly bullish for the top two cryptos by market capitalization (and Dogecoin by default).

The thing is, uncertainty remains high right now, and investors remain on edge waiting to see if we're heading into yet another war. The feeling in financial markets is glum right now, meaning these catalysts could be overshadowed by this overarching sentiment, at least in the short term.

It will be interesting to see how these top tokens perform next weekend, as additional news arises around the two aforementioned key catalysts every crypto investor is watching right now.

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Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Tesla. The Motley Fool has a disclosure policy.

Why Bitcoin, Ethereum, and Dogecoin Slipped Over the Weekend was originally published by The Motley Fool

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Why Bitcoin, Ethereum, and Dogecoin Slipped Over the Weekend - Yahoo Finance

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Built using the Polygon Chain Development Kit (CDK), X Layer utilizes zero-knowledge proofs to improve privacy and scalability.

Crypto exchange OKXannounced an Ethereum layer-2 network, X Layer. With this layer-2 solution, users can reportedly connect to Ethereum's expansive network, enhancing scalability, privacy, and accessibility within the blockchain industry.

Let's take a closer look at X Layer.

X Layer is a ZK rollup solution that leverages the power of zero-knowledge proofs (ZK proofs) through the Polygon Chain Development Kit (CDK).

As perreports, this framework empowers developers to construct blockchains rooted in ZK proofs, thereby fortifying privacy measures while amplifying scalability. By leveraging ZK proofs, developers can execute transactions securely without revealing sensitive information, fostering a more confidential and efficient ecosystem.

One of X Layer's defining features is its integration with both the OKX and Ethereum communities. This symbiotic relationship facilitates fluid interaction between users, enhancing collaboration and innovation across the global blockchain landscape.

With X Layer serving as a vital bridge, users can navigate between OKX's robust platform and Ethereum's expansive network, unlocking a myriad of opportunities for growth and exploration.

X Layer reportedly boasts 100% compatibility with the Ethereum Virtual Machine (EVM), streamlining the deployment process for developers. This compatibility ensures that existing Ethereum smart contracts can be seamlessly migrated to X Layer, minimizing friction and maximizing efficiency.

Built upon the Polygon CDK, X Layer reportedly offers near-instant finality, unified liquidity, and independent data availability.

X Layer provides a fertile ground for developers to cultivate and deploy ZK-powered DApps, according to the OKX team. With X Layer, developers can explore their creativity and drive change within the blockchain landscape via token swaps, staking, or other smart contract applications.

As a portal to Web3, X Layer can be accessed through the OKX Wallet. Users can move funds between OKX and X Layer using the native token, OKB.

Over 50 decentralized applications were deployed in the first week after the protocol launched its testnet last November. An array of Web3 and DeFi apps, including The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap, are already taking advantage of Layer 2 networks.

Worth noting, OKX has over 50 million global users and a trading volume second only to Binance.

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OKX's New Ethereum Layer-2: What is X Layer? - BSC NEWS

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Last updated: April 16, 2024 05:37 EDT | 2 min read

Ethereum has emerged as the leading victim of blockchain hacks in 2024, with 33 reported incidents, according to a recent study.

Smart Betting Guides data reveals that, following Ethereum, BNB Chain has been impacted by the most hacking incidents (14) in 2024. Arbitrum and Solana have each experienced 6 incidents, while Bitcoin has seen only two.

Notably, the Decentralized Finance (DeFi) sector has been the most susceptible to these attacks, accounting for all reported incidents thus far this year.

The top 10 largest losses so far this year are:

Orbit Bridge: $81,680,000 Munchables: $62,800,000 PlayDapp: $32,350,000 FixedFloat: $26,100,000 GMEE: $15,000,000 WOOFi: $8,750,000 Coinspaid: $7,500,000 Abracadabra Money: $6,500,000 Seneca: $6,500,000 Gamma Strategies: $6,200,000

The report additionally revealed that crypto users have incurred significant losses exceeding $437m through scams and hacks in 2024. Fraudulent activities, including rug pulls, also contributed to the total losses, albeit to a lesser extent, amounting to $14m.

Additionally, a recent CertiK report indicates a significant decline in crypto theft during March. The report detailed that malicious actors stole about $79m from DeFi projects, reflecting a substantial 48% decrease compared to the $160m stolen in February.

In March, one of the most significant crypto thefts involved a MakerDAO-based smart contract deployed by Curio on Ethereum. While initial estimates placed the loss around $16m, PeckShield later revised the figure, suggesting the actual amount stolen could be closer to $40m.

Prisma Finance suffered the second-largest loss in March, with a flash loan attack leading to the misappropriation of about $12.4m. The attacker, who self-identified as a white-hat hacker, initially promised to return the stolen funds following an online conference held by the projects team.

However, during the event, the attackers demands shifted, requiring the team members to publicly disclose their identities and issue an apology.

According to CertiK, security breaches were found to extend beyond DeFi protocols. The Binance-backed platform NFPrompt experienced a cyber intrusion, resulting in misappropriated funds of about $10m. Additionally, the WooFi decentralized exchange reported losses of roughly $8.5m following a hacking incident.

According to Smart Betting Guide, securing crypto involves keeping passwords and seed phrases off cloud storage. Seed phrases, acting as recovery keys, are vulnerable to theft by hackers attempting to steal cryptocurrency.

For further protection, the report recommended using a hardware wallet. This device, resembling a USB drive, securely stores a users private keys offline (cold storage). When needed, the keys can be connected online to complete transactions.

Further, users should implement critical security measures. These include refraining from clicking links in dubious emails, implementing Two-Factor Authentication (2FA) for logins, and avoiding interaction with online pop-ups or links. Additionally, vigilance against messages promising rapid financial gains is advised, as these often originate from fraudulent accounts, a prevalent social media scam.

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Ethereum Suffers Most Hacks Among Blockchains in 2024 - Cryptonews

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OKX Launches Ethereum Layer 2 on Mainnet - Unchained  Unchained

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OKX Launches Ethereum Layer 2 on Mainnet - Unchained - Unchained

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