Growing Investor Interest, THORSwap’s ‘Maintenance Mode’, AshSwap on MultiversX & More
Week Roundup (October 02 - 08, 2023)
Welcome to Swing's Weekly Newsletter, your source for major cross-chain developments in the blockchain world.
🔀Cross-Chain Updates
1. Integritee AG Unveils a Unique Cross-Chain Privacy Tool
Swiss-based Integritee AG has developed a fresh cross-chain privacy solution, using the Substrate framework to keep data private across many blockchain networks. This new feature allows encrypted data to be handled without being revealed, stepping up privacy protection. It's a big step towards better data privacy in decentralized systems, making cross-chain interactions more useful and secure.
2. Chainlink’s CCIP Boosts Cross-Chain Communication on BNB Chain Mainnet
Chainlink has integrated its Cross-Chain Interoperability Protocol (CCIP) with Binance Smart Chain's BNB Chain Mainnet, enhancing cross-chain connectivity. According to Chainlink, it allows smart contract developers to access external data sources, APIs, and payment systems, eliminating the need for multiple Oracle networks.
The CCIP facilitates communication between different blockchains, ensuring accurate data transmission and enabling complex smart contract executions across multiple networks.
Image source: https://www.crypto-news-flash.com/chainlinks-ccip-integration-transforms-cross-chain-connectivity-on-bnb-chain-mainnet/
3. Cross-Chain Oracles and NFT Merchandise Bag $72M in Funding
The crypto sector witnessed a funding spree with a total of $72 million raised in a week. Major beneficiaries include cross-chain oracle platform, Chainlink, which raised $32 million, and NFT platform Rarible, which secured $10 million.
The funding rounds highlight the growing investor interest in cross-chain and NFT platforms, which are deemed promising sectors for blockchain technology's adoption and expansion.
4. THORSwap Enters ‘Maintenance Mode’ to Curb Illicit Flow of Funds
THORSwap, a decentralized exchange (DEX) on the ThorChain network, has entered 'maintenance mode' to address a security vulnerability that allowed unauthorized access to user funds. The platform has temporarily disabled deposits, withdrawals, and swapping functionalities to prevent further exploitation of the vulnerability. The maintenance mode will continue until the issue is resolved, ensuring users' funds' safety.
Image source: https://crypto.news/thorswap-enters-maintenance-mode-to-curb-illicit-flow-of-funds/
5. Circle and Noble Bring Native USDC to Cosmos via CCTP
Circle, in collaboration with Noble, announced the integration of its Cross-Chain Transfer Protocol (CCTP) with Cosmos, facilitating native USDC transfers. This integration, showcased at the Cosmoverse conference, enables seamless USDC transfers across various blockchains connected to Cosmos' Inter-blockchain Communication Protocol (IBC). It is the first CCTP integration with a non-Ethereum Virtual Machine (EVM) chain, extending the USDC ecosystem and enhancing interoperability between Cosmos and other blockchain networks.
6. LayerZero Partners With Conflux to Boost China’s Blockchain SIM Ecosystem
LayerZero Labs partnered with Conflux Network to enhance China Telecom's blockchain-integrated SIM card, the BSIM card, with omnichain capabilities. This partnership aims to expand LayerZero's global footprint, particularly in the APAC region, by integrating its omnichain messaging platform into the BSIM technology.
The BSIM cardholders can now seamlessly transfer assets and data across various blockchains, starting with cryptocurrency transfers from Conflux mainnet to Ethereum. The partnership promises enhanced security and a gateway to DeFi, NFTs, and gaming ecosystems.
📰 Swing Ecosystem Updates
1. Tashi Integrates with Notifi Network Ahead of Mainnet Launch
As Tashi prepares to launch its mainnet, an integration with Notifi Network has been made to enhance the user experience by embedding real-time updates within the platform from the outset.
This integration positions Tashi at the forefront of innovation, ensuring users are seamlessly connected to real-time updates as they navigate through the platform, further enhancing the user journey from the very beginning.
2. AshSwap Aggregator v1.2 Debuts on MultiversX Mainnet
AshSwap has launched its Aggregator v1.2 on the MultiversX Mainnet, aimed at supercharging users' swapping journeys with a robust aggregator designed by AshSwap. This release underscores AshSwap's ongoing efforts to build and improve products on its platform, with a particular focus on enhanced efficiency and performance.
By supporting more integrations with MultiversX DApps and wallets, AshSwap Aggregator v1.2 is expected to attract more trading volume and revenue, benefiting veASH holders and the broader ecosystem.
3. Hop Protocol Triumphs in Odyssey Bridge Week
Hop Protocol became the winner of the Arbitrum Odyssey Bridge Week, earning recognition for its role in facilitating bridging activities on the Arbitrum network. Users who utilized Hop Protocol for bridging during this period were eligible to claim a unique NFT as a badge of honor.
Now, everyone can see Hop's commitment to supporting Arbitrum's growth and the ongoing collaborative efforts within the Arbitrum ecosystem to enhance cross-chain connectivity and user engagement.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
Bridge Volume
Bridge Inflows
Disclaimer: Data sourced from DefiLlama
📜Interesting Reads
1. The State of Cross-Chain Crime 2023 by Elliptic
The dimension of cross-chain criminal activities has broadened, witnessing a surge from $4.1 billion to $7 billion in illicit cryptocurrency laundered through decentralized platforms over a span of one year.
The strategies employed by criminals have evolved to exploit cross-chain tactics, effectively masking illicit transactions and asset flows.
The Lazarus Group, associated with North Korea, has been particularly active, laundering over $900 million through cross-chain methods.
The report underlines the imperative need for enhanced security protocols and sophisticated analytical tools to detect, trace, and mitigate cross-chain criminal endeavors.
2. The Growth of Cross Chain Interoperability: Bridging the Blockchain Divide
Cross-Chain Interoperability is revolutionizing the blockchain industry, allowing disparate blockchain networks to communicate seamlessly. Previously, blockchains operated in isolation, hindering asset and data exchange. Now, interoperability solutions like Polkadot and Cosmos create bridges between blockchains, enabling frictionless asset transfers and cross-platform smart contracts. This fosters innovation in DeFi, gaming, and more. Enhanced liquidity and heightened security further amplify the appeal.
As interoperability continues to expand, it promises larger ecosystems, novel use cases, and a simplified user experience. Blockchain's future lies in an interconnected, collaborative landscape, making Cross-Chain Interoperability a pivotal development in this journey.
Image source: https://www.binance.com/en/feed/post/1255487?ref=39863314
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