An overview of the main highlights of the cryptocurrency and Blockchain universe in the last 7 days.
Below are the five most significant news of the last week, in order to be able to stay informed of innovations and important advances related to the crypto world.
Ethereum vs Liquid Staking: Will ETH Cryptocurrency Disappear?
Each evolution brought to the cryptocurrency sector has the potential to impose itself as a paradigm shift. A situation that is sometimes complex to follow, these changes occur so quickly as soon as one of these opportunities arises as the new model to follow.
The Liquid Stake Derivatives (LSD) market is fundamentally changing the face of the Ethereum network. However, this change also affects the DeFi sector or the cryptocurrency market as a whole.
In fact, this option considered so far with the necessary restraint is now becoming the norm for ETH cryptocurrency holders. Because before, the return linked to this type of investment -estimated on average at around 4% (TAE)- implied no longer having access to the deposited funds.
Curve Attack: $40M+ Theft and Validator Binge
This has been a difficult week for the DeFi sector. A large-scale attack hit Curve’s blue-chip protocol hard on July 30. It is an emblematic platform of this ecosystem whose business consists mainly in optimizing the exchange of stablecoins.
On July 30, Curve Finance informed via X that “A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.”
Said reentrancy error is a vulnerability that has already been exploited several times in other attacks on the DeFi protocol. With the procedure involved, a security breach in the external call process of a smart contract.
This procedure is interrupted and then recalled before its actual completion, which in turn increases the possibility of completely emptying the affected pools of all the cryptocurrencies they contain.
Analysts Back MicroStrategy’s Bitcoin Strategy
Long dismayed by MicroStrategy’s maximalist Bitcoin strategy, financial analysts, at least some of them, now seem convinced by Michael Saylor’s relentless buying policy since the summer of 2020.
With the company’s quarterly earnings release just hours away, optimism is in order with bullish price targets for MSTR shares.
Significant Increase of Demands for ETH Futures ETFs
Hardly lifted from the frenzy over spot Bitcoin ETFs, it is now around Ether that American financial players are agitated. Within days, no fewer than six of them filed an application with the SEC to list a futures ETF on the second-largest asset in the crypto market.
The first to draw is Volatility Shares with its ETF Ether strategy. Following him, four others declared themselves. These are Bitwise, Roundhill, VanEck, and Proshares. Finally, to round out the list of contenders, the inescapable crypto trust giant has joined the race with its Grayscale Ethereum Futures ETF.
MetaMask: Integrated Liquid Participation in One’s Portfolio
One of the biggest challenges in the cryptocurrency industry is finding the right balance between simplification and security, as it is the only recipe to enable broader public adoption of this digital economy. However, the functionalities developed should not be detrimental to the necessary decentralization.
The latest innovation is a staking service integrated directly into one’s portfolio. This consists of a participation function integrated into one’s portfolio, a service already available, although there are certain restrictions.
By Audy Castaneda
