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Liquid staking solutions such as Lido and Rocket Pool now have more total value locked (TVL) than decentralized exchanges (DEXs), making them the top category of DeFi protocols, according to data from crypto analytics platform DefiLlama.

TVL is a metric that measures the dollar value of all cryptocurrencies locked within a protocols smart contracts.

Liquid staking protocols have just recently taken the top spot. On April 13, there was only $17.19 billion of crypto locked in liquid staking contracts, compared to $18.89 billion in DEXs, according to archived information. However, DEXs have experienced a $1.66 billion decline to $17.2 billion, while liquid staking solutions have experienced a $280 million increase to $17.47 billion, giving them the top spot.

Related: Podcaster apologizes for spreading Lido rumor

Liquid staking protocols are staking pools that stake crypto on behalf of users. These protocols also issue tokens to users that represent the person's deposited crypto. Because these tokens can be used in DeFi apps, liquid staking protocols allow users to both simultaneously stake their coins and use them in other applications.

According to DefiLlamas May 1 data, Lido (stETH) is still the top staking protocol with $11.54 billion of cryptocurrency locked inside its contracts. Coinbase Wrapped Staked Ether (CBETH) is a distant second with $2.19 billion locked, and Rocket Pool (rETH) is third with $1.46 billion. The remaining protocols have less than $1 billion of TVL each but add up to $2.22 billion collectively.

Lido was the first liquid staking protocol, and it launched in 2020. Liquid staking has become more popular as Ethereummoved to proof-of-stake and allowed withdrawals.

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DJED Alliance announces the third deployment of the Djed stablecoin protocol as it makes a groundbreaking presence on the EVM-compatible sidechain of Cardano, the Milkomeda-C1. According to the report, this is the first deployment of the main programming language for writing smart contracts for the Ethereum blockchain, Solidity. The project seeks to expand to several other EVM-compatible blockchains, and this is said to be a huge step.

Since going live in January 2023, DJED stablecoin has grown extensively. The team has also announced that they will soon launch a new game called Dead Pxlz, a non-fungible token(NFT) project, on the Cardano ecosystem. Paima Studios has disclosed in a tweet that Dead Pxlz is using the Paima engine.

The Milkomeda C1 was launched in March 2022 and enables the deployment of Ethereum dApps in the Cardano network. In a blog post, DJED Alliance explained that the DJED stablecoins are backed by crypto, and will not be exposed to risks faced by entities managing fiat currency reserves. In addition, DJED stablecoin is said to be formally verified.

This means that mathematical theorems have been proven, clearly showing under which assumptions the stablecoins remain pegged, and the proofs have been checked using the interactive theorem prover Isabelle and the bounded model checker Lustre.

The deployment on Milkomeda-C1 is said to be based on version O (Osiris) of the protocol. Osiris enables reserve coins and stablecoins to be sold back to the DJED contract simultaneously, and independently of the reserve ratio. This particular deployment is said to be the first that is fully autonomous. The rules or the parameters of the deployment cannot be changed by anyone. The implementation is said to come from the collaboration between Vacuum Labs, Bloxico, AOSSIE, dcSpark, and Milkomeda.

The Djed Alliance is proud of our collective achievement of this significant milestone in our mission to bring reliable stability to the cryptocurrency industry. We wish success to this deployment on Milkomeda-C1 and we look forward to continuing our support for the Djed stablecoin protocol and its implementations on multiple blockchains.

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The Cardano team has also published its weekly report which discloses that there has been a major update in its wallet and services, Basho, smart contracts, etc. The Daedalus team is reported to have removed Catalyst fund information from the wallet due to issues with API. The Hydra team is also fixing the state machine continuity on-chain, and also improving the API reference navigation through the addition of a sidebar.

In Project Catalyst, several teams reportedly presented their projects to the community.

The Mithril team also announced an important update:

This week, the Mithril team continued implementing the new certifier service of the aggregator, which is in charge of producing certificates for multi-signatures. They also started implementing the interfaces defined to provide certification of a new type of data applied to the Mithril stake distribution and the fully immutable Cardano files snapshot.

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Cardano (ADA) is currently trading at $0.390776 after surging by 1.2 percent in the last seven days.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not 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.

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Interoperability is crucial for the development of Web 3.0 technologies and the wider crypto ecosystem.

Without interoperability, users are limited to using a single blockchain, preventing them from connecting with other networks and taking advantage of the various benefits that come with a more open and interconnected system.

However, Web 3.0 is only as secure as the systems that support it, and without proper security, a permissionless and trustless future is a disaster waiting to happen.

The bridge the most dangerous place in crypto

A bridge is by nature a continuation of a blockchain, and as such, it should fully satisfy the core requirements of blockchain being trustless, decentralized and secure.

This concept became known as the interoperability trilemma, and it requires bridges to be trustless, extensible and agnostic (able to transfer any type of data supported by chains).

The nature of cross-chain transacting creates more points of failure, and therefore, higher security risks compared to interacting within a single network.

While security issues are not fully solved within individual networks, bridges present extra challenges.

Regardless of how the specific bridge is designed, the funds have to be locked up in a smart contract or with a centralized custodian, which in turn becomes a honey pot for black-hat hackers.

Smart contracts that execute across multiple blockchains are more complex, making them susceptible to errors and malicious attacks.

In fact, cross-chain bridges are the victim of 50% of DeFi exploits. In the last two years, approximately $2.5 billion has been stolen by hackers by exploiting their unique vulnerabilities.

Breaches happened with some of the most well-known ecosystems Poly Network (a Polygon cross-chain protocol), Ronin (the home of Axie Infinity) and Horizon (the Harmony protocol bridge), among others.

The Wormhole Bridge exploit was the second biggest attack after the Ronin exploit. The hacker made off with roughly $320 million after finding flaw in the smart contract code of this bridge between Ethereum and Solana that allowed them to mint 120,000 Wrapped Ethereum on Solana without putting up the necessary equivalent Ethereum collateral.

The Nomad exploit was made possible by a misconfiguration of the smart contract that allowed anyone with a basic understanding of the code to authorize withdrawals for themselves, which people did.

This led to what was described as the first decentralized crowd-looting of a nine-figure bridge in history. Of the $200 million stolen, more than $32 million has been recovered from the amateur white-hat hackers.

A secure wallet is the first step to a secure bridge

While there is work to be done in the area of bridge design, implementing an improved wallet design could offer added security.

Traditional crypto wallets are often vulnerable because they rely on a single private key for controlling funds.

For example, the Ronin hack was made possible through an elaborate phishing scheme involving fake LinkedIn job offers, which led to bad actors acquiring access to five of the nine private keys held by transaction validators for Ronin Networks bridge.

MPC (multi-party computation) wallets arent tied to a single private key. They split private key shares across different locations, such as a server and a users device.

Digital signatures coming from a wallet are computed in a distributed manner. The private key is never fully reconstructed and thus cannot be exposed.

Another wallet-related technological advancement is account abstraction, which in the most basic terms allows Ethereum wallets to act as smart contracts.

The recently implemented ERC-4337 update to the Ethereum network enables a social recovery system where designated third parties can restore access to your wallet if you lose your private keys.

The update also allows the use of 2FA (two-factor authentication) and even biometrics for the protection of wallets, making them much more secure and user-friendly.

When blockchains talk to each other

The evolution of blockchain toward interoperability is sometimes likened to globalization. Imagine blockchains talking to each other freely, being able to mint an NFT on Ethereum from Solana, or get loan from a DApp on Avalanche from Arbitrum.

When it becomes safe for users and builders to cross the boundaries of individual blockchains, it will unlock a whole new level of blockchain commerce and development.

Sebastian Higgs is the chief strategy officer at Fraction, creation of MPCH Labs, where he offers entrepreneurship strategy and execution. Before joining Fraction, Sebastian was the general manager of Vo1t and then transitioned to vice president of custody at Genesis after Vo1t was acquired by Genesis Global Trading.

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Cryptocurrencies have been around for more than a decade, but they have gained unprecedented popularity and adoption in recent years. Bitcoin, the first and most well-known cryptocurrency, has emerged as a global phenomenon, reaching new heights of market capitalization and public awareness. But Bitcoin is not alone; there are thousands of other cryptocurrencies, each with its own features, advantages, and challenges.

Some of these cryptocurrencies are designed to serve as alternative forms of money, enabling fast, cheap, and secure transactions across a decentralized network of users. Others are more than just currencies; they are platforms that enable the creation and execution of smart contracts, decentralized applications, and other innovations. These platforms aim to transform various sectors of the economy, such as finance, supply chain, gaming, art, and more.

In this post, we will explore some of the most important cryptocurrencies other than Bitcoin, and how they are driving institutional transfer of ownership. We will look at their origins, characteristics, use cases, and challenges, as well as their potential impact on the future of business and society.

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Ethereum (ETH)

Ethereum is the second-largest cryptocurrency by market capitalization, and the most widely used platform for smart contracts and decentralized applications (DApps). Ethereum was launched in 2015 by Vitalik Buterin, a Russian-Canadian programmer and visionary, who wanted to create a more general-purpose and programmable blockchain than Bitcoin.

Ethereum enables developers to create and deploy DApps that can run on a distributed network of computers without intermediaries or censorship. These DApps can provide various services, such as decentralized finance (DeFi), gaming, social media, identity management, and more. Ethereum also supports the creation and exchange of non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art and music to collectibles and real estate.

Ethereum is powered by its native cryptocurrency, Ether (ETH), which is used to pay for transaction fees and computational resources on the network. Ether can also be used as a form of money, or as a store of value. Ethereum has a large and active community of developers, users, and investors, who contribute to its innovation and growth.

Ethereum is driving institutional transfer of ownership by enabling new forms of decentralized governance, ownership, and collaboration. For example, Ethereum allows for the creation of decentralized autonomous organizations (DAOs), which are entities that operate according to predefined rules encoded in smart contracts, without human intervention or hierarchy. DAOs can enable collective decision-making, resource allocation, and value creation among stakeholders.

Another example is DeFi, which is a fast-growing sector that aims to provide alternative financial services without intermediaries or centralized control. DeFi applications on Ethereum allow users to lend, borrow, trade, invest, and earn interest on their crypto assets in a transparent and permissionless way. DeFi can potentially democratize access to financial opportunities and empower individuals and communities.

Binance Coin (BNB)

Binance Coin (BNB) is the native cryptocurrency of Binance, one of the largest and most popular crypto exchanges in the world. Binance was founded in 2017 by Changpeng Zhao (CZ), a Chinese-Canadian entrepreneur and crypto enthusiast, who wanted to create a platform that could cater to the needs and demands of the global crypto community.

Binance Coin was initially launched as an ERC-20 token on Ethereum, but later migrated to its own blockchain platform called Binance Chain in 2019. Binance Chain is a fast and scalable platform that focuses on facilitating low-cost and high-throughput trading of crypto assets. Binance Chain also supports the creation and exchange of tokens using a simple standard called BEP-2.

Binance Coin has multiple use cases within the Binance ecosystem. It can be used to pay for trading fees on Binance with a discount; it can be used to participate in token sales on Binance Launchpad; it can be used to stake or farm other tokens on Binance Launchpool; it can be used to access various services and benefits on Binance Smart Chain; and it can be used as a form of money or a store of value.

Binance Coin is driving institutional transfer of ownership by enabling users to access a wide range of crypto products and services on one platform. Binance offers not only spot trading but also futures trading.

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Mooky and its unique features

Mooky is a unique meme token that stands out in the crowded world of cryptocurrencies. Unlike many other tokens that lack a clear purpose or mission, Mooky is focused on a specific goal: planting trees to better the environment and inspire change. As a community-owned token with governance, Mooky allows token holders to decide on DAO votes for running operations, giving them a say in the platforms future.

One of the most exciting features of Mooky is its zero tax policy, which means there are no slippage requirements when buying or selling the token. It makes it a popular choice among investors who want to avoid high transaction fees and maximize profits. Additionally, Mookys liquidity is locked for two years, providing stability and security for investors.

Legendary and super rare NFT holders gain entry into the Mooky Ventures Club, which provides bi-monthly airdrops from partnership platforms, merchandise, and passive income from the investment portfolio.

Algorand is a blockchain platform that utilizes a unique consensus algorithm called Pure Proof-of-Stake (PPoS) to achieve fast, secure, and energy-efficient transactions. Unlike traditional proof-of-work (PoW) consensus algorithms used by other blockchain platforms, PPoS ensures that Algorands transactions are processed quickly without the need for powerful computing resources or excessive energy consumption.

One of the critical benefits of Algorands PPoS algorithm is that it allows for high transaction throughput, with the network capable of processing thousands of transactions per second. It makes Algorand an ideal platform for high-volume, mission-critical use cases such as financial transactions, supply chain management, and digital identity verification.

In addition to its speed and efficiency, Algorands blockchain technology also provides robust security features. PPoS ensures that the network resists attacks and that all transactions are final and irreversible once processed.

Algorands blockchain technology also supports the development of decentralized applications (dApps) using smart contracts. These smart contracts are self-executing agreements that enable automated processes and transactions without intermediaries.

Shiba Inu is a cryptocurrency that originated as a meme coin inspired by the famous dog breed with the same name. It was created in August 2020 by an anonymous individual or group known as Ryoshi and gained attention through its playful and whimsical branding.

Initially, Shiba Inus purpose was to serve as a fun and lighthearted cryptocurrency without any specific utility or use case. However, as the popularity of meme coins grew, Shiba Inus value began to rise, and it became a topic of interest among crypto enthusiasts and investors.

In May 2021, Shiba Inu experienced a surge in popularity and value following a tweet by Elon Musk about his own pet Shiba Inu dog. This event and the broader mainstream adoption of cryptocurrencies helped Shiba Inu gain further attention and increased its overall market capitalization.

Despite its origins as a meme coin, Shiba Inu has since developed some utility as a cryptocurrency. It has been listed on several major exchanges, and its holders can use it to participate in various decentralized finance (DeFi) protocols.

Shiba Inus growth in popularity can also be attributed to its strong community and social media presence. The Shiba Inu community has created several initiatives, such as the ShibaSwap decentralized exchange and the Shib Army, which has raised funds for various charitable causes.

There are several factors to consider when considering why Mooky, Algorand, and Shiba Inu are hot picks for 2023. Here are some potential points to discuss:

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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