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 ๐
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.
Trending Coins Update
- 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.
Whatโs 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 collaboration comes amid a boom in Telegramโs crypto gaming sector, with games like Notcoin, Pixelverse, and Hamster Kombat attracting millions of users.
- Hamster Kombat alone has 239 million users, as per the latest update.
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 itโs 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 Squarespaceโs 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 ๐ต๐ญ
- New iThink Hackathon offers โฑ255K prize pool for web3 with social impact.
- YGG Pilipinas to wrap up nationwide road trip in Manila.
Educational Corner ๐
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 ๐
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.
- Speaking of MiCA, Richard Teng (yes, him) previously contributed an article about it on BitPinas.
Community Spotlight ๐ฆ
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 ๐ก
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 ๐ฎ
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 ๐
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- Visual Odyssey at Gravity Art Space Manila: July 12, 2024
- PDAX at Dela Salle Universityโs National Finance Congress 2024: July 13, 2024
- YGG Pilipinas Roadtrip Metro Manila: July 14, 2024
- GitHub Field Day: July 20, 2024
- BitBulaga โPortfolio Construction in a Bull or Bear Marketโ: July 27, 2024
Noteworthy ๐
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:
- Follow us on Twitter ๐ฆ
- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
Weโd 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