DeFI News by Thebittimes.Com

May 24, 2023 at 08:19 // Price Author Coin Idol The price of TRON (TRX) continued its rise after breaking the $0.071 resistance. TRON price long term forecast: bullish The previous trend came to a halt as soon as the altcoin reached its peak of $0.071. As a result, the price of TRON fell above the moving average lines. After regaining an uptrend above the moving average lines, the cryptocurrency value started to rise again. On May 22, the cryptocurrency price climbed to $0.079 before falling. The level 2.0 of the Fibonacci expansion, i.e. the price of $0....

DegenPirates Integrates Chainlink VRF, they now have access to a tamper-proof and auditable source of randomness needed to guarantees that all random outcomes are provably fair and tamper-proof, safeguarding against manipulation and ensuring a level playing field for all players Ultimately this creates a more exciting and transparent user experience, as users can always verify the result of the game. As DegenPirates Integrates Chainlink VRF. Chainlink VRF Works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The degenpirates.gg smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides users with automated and verifiable assurances directly on-chain that the game result is provably fair and was not tampered with by the ora...

Blockchain analytics platform Nansen has announced the removal of Lido NFTs from its NFT Paradise service. Nansen’s NFT Paradise is a platform offering detailed analytics on the NFT market, helping users understand transactions, trends, and dynamics. Nansen’s decision was influenced by user votes following a recent mishap involving Lido, a decentralized finance (DeFi) platform. Lido’s staked withdrawal requests were mistakenly represented as NFTs, leading to an unexpected increase in NFT mint volume. Lido stated last month that users would receive NFTs as part of the deposit withdrawal procedure. Any time a user unstakes Ether, the decentralized finance protocol issues NFT certificates, which are used to claim their ETH tokens. The massive spike, which involved a whopping 430k ETH (approximately $780 million), was initially interpreted as a surge in the NFT market. However, closer investigation revealed that this was due to a technical issue rather than gen...

It’s been a chaotic weekend for decentralized finance (DeFi) as two self-executing governance proposals wrought havoc on two well-known projects. The affected platforms are Aave, the sector’s premier lending and borrowing protocol, and Tornado Cash, a Crypto mixing tool favored by privacy advocates and hackers alike. on-chain-governance-causes- chaos -for-aave-and-tornado-cash Aave On Friday, an update to Aave V2 went into effect with the aim of adjusting interest rate calculations on certain assets across Ethereum, Avalanche and Polygon. However, the new code was incompatible with the Polygon deployment of the protocol due to the formatting of the ReserveInterestRateStrategy function, according to security firm BlockSec. .@AaveAave the latest upgrade of ReserveInterestRateStrategy in Aave V2 (Polygon) has caused a temporary halt of the protocol, impacting assets worth ~$110M! The root cause is the new ReserveInterestRateStrategy is only compatible with Ethereum, not compatib...

Also Read: MetaMask Tax Clause: Debunking Major Misconceptions advertisement On Sunday, US President Joe Biden said he would not “accept a debt deal that protects wealthy tax cheats and Crypto Market traders while putting food assistance at risk for a million Americans,” speaking at the G7 nations summit. However, not accepting a deal will not mean a smooth ride for the US economy. US Treasury Secretary Janet Yellen had earlier warned that if the US government does not reach an agreement, the US and the global economy would be at a big risk. Upcoming US Economic Events Several macroeconomic events are lined up for the remaining of May 2023. Apart from the debt ceiling talks, meeting minutes from the May 2023 Federal Open Market Committee (FOMC) meeting are set to be released on Wednesday, May 24. Traders would be interested to look into how the Fed officials voted on the prospects of a rate hike pause, in the ongoing meeting and over next Fed meeting...

After updating its blockchain protocol, a small crypto casino is rising this week. In a recent announcement, the crypto casino and exchange platform Rollbit said that it is adding support for its native token, Rollbit Coin (RLB), and the option to deposit the governance token of the non-fungible token (NFT) marketplace Blur (BLUR). “We’re excited to announce that RLB can now be bought and sold directly on Rollbit! You can now deposit Ethereum (ETH), Bitcoin (BTC), Solana (SOL), Litecoin (LTC) and any supported ERC-20 token to purchase RLB!” The crypto company, which offers a casino, sportsbook, NFT gambling, and leveraged trading, will depreciate old RLB balances and convert any RLB held on its website to the new format to reflect the changes. All deposited RLB tokens will also be converted. Rollbit will also let users become liquidity providers on the platform. “You can now become a liquidity provider for RLB directly on the Rollbit platform! Liquidity ...

Bulls triumphed in the Render Token (RNDR) market after a fierce struggle between bulls and bears. From a low of $2.27 in the previous 24 hours, the RNDR price surged to a new 7-day high of $2.50 before facing resistance. The current RNDR price is $2.45, representing a strong 3.08% increase from the previous closing. While investors rejoice at the price gain, RNDR’s market capitalization increased by 3.00%, hitting a remarkable $890,688,844. On the other hand, profit-taking by traders resulted in a 9.30% drop in 24-hour trading volume to $278,449,391. This decrease in trading volume illustrates investors’ cautious stance after RNDR hit the 7-day high. RNDR/USD 24-hour price chart (source: CoinMarketCap) A bull-bear power rating of 0.1390714 indicates that bulls now have a modest advantage over bears in the market. While this change may show that investors feel marginally positive, it cannot warrant a sustained upswing in the RNDR market. Since the...