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TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024

Photo for the Article - TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s recap: Will we see Ethereum dapps inside Telegram soon?

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates ๐Ÿ“ˆ

Crypto Price Update

Here are the crypto highlights of the day:

  • Bitcoin (BTC): $57,537.34, up 0.1% over the last 24 hours.
  • Ethereum (ETH): $3,115.15 up 0.7% over the last 24 hours.
  • Solana (SOL): $136.77, down 2.9% vs the previous day.
  • Moca Coin: $0.1177, up 85.069.7% vs the previous day.
  • Mother Iggy: $0.0402, up 33.0% over the last 24 hours.
  • Water Coin: $0.0008, down 7.7% vs the previous day.

For the daily price update, check out our post on Facebook.


Feature News: TON Blockchain and Polygon Labs will launch a Layer-2 Scaling Network

The Open Network (TON) and Polygon Labs are launching the TON Applications Chain (TAC), a new layer-2 scaling network for the TON blockchain.

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Whatโ€™s the significance? This will make it easier for apps built on Ethereum to work with TON, helping Telegram users access more decentralized apps (dApps).

The details: TAC will utilize Polygon’s Chain Development Kit (CDK) and AggLayer interoperability protocol to enable Ethereum Virtual Machine (EVM) applications within the TON ecosystem.

What’s next: As per Decrypt, here’s no launch date for TAC yet, but itโ€™s expected to boost DeFi (decentralized finance) activity on Telegram.


Feature News: DeFi Platforms Celer and Compound Websites Hacked; Other Platforms at Risk

Websites of DeFi platforms Celer and Compound Finance have been hacked, raising concerns over the security of other major DeFi platforms.

What’s really happening: Blockchain security experts, including 0xngmi from DefiLlama and Samczsun from Paradigm, suggest vulnerabilities in Squarespaceโ€™s registrar services might be the cause. They recommend transferring domains to more secure registrars like Cloudflare or AWS Cloud.

  • List of domains potentially affected can be found here.

Both Celer and Compound are investigating the breaches and have advised users to avoid their websites until further notice.

Pendle was also affected, although it stated that they have secured the website already.

Additional details: Coingecko founder Bobby Ong attributed the incident to Google transferring their domain registrar to Squarespace:

A DNS attack is going on right now affecting Squarespace domain registrar. Best thing to do is to not interact with crypto and rest for the next couple of days until everything is resolved. Google sold their domain business to Squarespace a few months ago and the forced migration of domains to Squarespace removed 2FA causing all these domains to be vulnerable and several have been hijacked.

Bobby Ong

Philippine Crypto News ๐Ÿ‡ต๐Ÿ‡ญ

Photo for the Article - TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024
  • New iThink Hackathon offers โ‚ฑ255K prize pool for web3 with social impact.
  • YGG Pilipinas to wrap up nationwide road trip in Manila.

Educational Corner ๐ŸŽ“

Photo for the Article - TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024

If you’ve been reading BitPinas, you know that a lot of web3 games are switching to Sky Mavis’ Ronin blockchain. Here are some of the latest:

  • MMORPG Forgotten Runiverse Moves to Ronin Blockchain
  • Axie Infinity Developer Sky Mavis Brings Lumiterra MMORPG to Ronin

Regulation Watch ๐Ÿ“œ

Stay informed about the latest regulatory updates and what they mean for you:

  • US SEC said it will no longer pursue enforcement action vs PAXOS, the creators of Binance USD.
    • SEC previously alleged that the Paxos-created BUSD is a security. It appears that SEC is now withdrawing that position.
  • OKX picks Malta as European hub. They previously preferred France but had to change preference after MiCA (Markets in Crypto assets) rules in Europe.

Community Spotlight ๐Ÿ”ฆ

Photo for the Article - TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024

Meet Joseph Lejarde, also known as the Whizkid Trader.

  • Lejarde is a Certified Technical Analyst (CTA), Certified Securities Specialist (CSS), and Certified Treasury Professional (CTP).
  • He is a frequent guest on the BitPinas webcast, specially during the last week of the months, where we usually discuss crypto market recaps and future price analysis.

Check out Joseph Lejarde here.


More Web3 and AI News ๐Ÿ’ก

Discover the latest in web3 and AI innovation.

  • Former OpenAI quit to avoid ‘working for the Titanic of AI.’
  • Compound and Celer websites compromised with DeFi wallet drainers.
  • Staked Ethereum nears record highs as ETF approaches.

Web3 Gaming Section ๐ŸŽฎ

The future of web3 is gaming, and here are the latest news.

  • Catizen wants to build a business ecosystem.
  • Hamster Kombat founders reveal game origins.
  • Animoca Brands revenue was $280 million in 2023.

Event Announcements ๐Ÿ“…

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Photo for the Article - TON and Polygon to Launch New Layer-2 | Squarespace Exploit Exposes DeFi Projects | Key Points | July 12, 2024

Noteworthy ๐ŸŒŸ

Key updates and announcements from around the crypto and blockchain world:

  • Bahamas didn’t want CBDCs.
  • CryptoQuant says short term trading is driving the surge of Bitcoin reserves in exchanges.
  • Check out the daily number of active addresses on TON.

Stay Connected:

Weโ€™d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas: TON and Polygon Launch New Layer-2 Network for Telegram | Key Points | July 12, 2024

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