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Summary of Past Week Articles April 29, 2022

Here’s how NFT owners trade and the tools they use:

According to a study performed on Twitter by currency tracking site CoinGecko, over half of the surveyed non-fungible token (NFT) owners regularly trade NFTs for profit. The other half primarily purchased their NFTs “to collect” or for their utility.

The so-called NFT flippers, who, like traders, attempt to buy low and sell high, were the largest category of NFT buyers in CoinGecko’s poll, with 42% stating that flipping was their primary motive for purchasing.

The flippers were followed by NFT collectors, who accounted for 26% of all respondents.

Meanwhile, the poll discovered that most NFT owners purchased their piece of crypto art via the OpenSea marketplace.

According to the poll, most NFT users still utilize the Ethereum (ETH) network for their trades, with 46% selecting it as their preferred network.

Polygon (MATIC) and Solana (SOL) were the second and third most popular blockchain networks for NFT trading.

Finally, according to CoinGecko’s poll results, the most common way to find new NFT projects is through the social network Twitter or the chat platform Discord.

All of the surveyed respondents came from the Asia-Pacific region, which CoinGecko claims leads the world in NFT adoption.

The Ronin Bridge, redesigned by Axie Infinity, has been delayed until late May:

According to a recent update, the Ronin bridge is being reconstructed following a big hack last month, with the new bridge not opening until late May. The delay is inevitable because the developer will build the bridge to secure billions of dollars in assets.

The renovated Ronin bridge was supposed to open in April, but it has now been pushed back to mid- or late May. Additionally, according to the team, the delay is required to ensure that the bridge can withstand the test of time.

The update noted that the company previously intended to be ready to deploy the upgrade by the end of April, but the company cannot rush the process. In an official statement, the company officials stated that adding the bridge would safeguard billions of dollars in assets, and developers must do it correctly.

The developers also stated that until the rebuilt bridge is available, the crypto exchange Binance would enable the Ronin Network. In addition, it will utilize both wrapped ethereum (wETH) and USD Coin (USDC) withdrawals and deposits for users of the popular crypto-based play-to-earn game Axie Infinity (AXS).

Ronin is an Axie Infinity-specific Ethereum (ETH) sidechain. Players utilize the Ronin bridge to transfer assets from the Ethereum network to the Ronin network.

The effort on the redesign comes after the Ronin bridge was abused on March 23, leading to the loss of ETH 173,600 (USD 508.2m) and USDC 25.5m from the protocol, making it one of the most significant crypto thefts ever.

After then, all pending withdrawals must be transferred before the rebuilt bridge can be implemented, according to the update.

Zcash Announces Edward Snowden as the Final Member of the Privacy Coin Setup Process:

The privacy coin Zcash (ZEC) has disclosed that Edward Snowden, the whistleblower for the US National Security Agency (NSA), is John Dobbertin, the final pseudonymous participant in the coin’s trusted setup procedure.

Zcash Media, a branch of film production studio 37 Laines, made the statement in an interview with Snowden included at The End of Zcash’s Trusted Setup: Who exactly is John Dobbertin?

The crew can now let go of the remaining secret from the original Ceremony, John Dobbertin’s identity.

Snowden admits his involvement in the process, adding in the video that he did that because he saw it being worked on by a lot of trustworthy academic cryptographers. In addition, it was too intriguing as a subject not to be noticed. 

He is the Freedom of the Press Foundation president and a cryptocurrency enthusiast.

At 10:23 UTC, ZEC, which was ranked 62nd by market capitalization on CoinGecko, was trading at USD 151, increasing 2% in a day. The price dropped by 22% in a month and 37% in a year.

Deus DAO is being exploited, with reported losses of USD 13 million or more in a flash loan attack:

Deus Finance DAO appears to have lost at least $13 million in its recent flash loan assault.

The initiative, which bills itself as a decentralized bilateral OTC [over-the-counter] derivatives platform, verified the hack. However, it maintained that the user’s money is secure and that DEI lending has been halted.

However, according to the blockchain security firm PeckShield, the attacker made off with around $13.4 million, while the loss to the system might be significantly more.

Furthermore, the attacker had $15.7 million in assets in their wallet two hours earlier, according to the site.

The two companies released the FTMScan transaction information, which revealed that millions of dollars were moved just hours earlier, mainly in USD coin (USDC) and partially in DEI.

The cash from an address claimed to be implicated in the breach was moved out, leaving it with only $132.5.

As per PeckShield, the hack is made feasible by the flash loan-assisted manipulation of price oracle. The manipulated price of collateral DEI is then utilized to borrow and drain the pool.

According to PeckShield, this is not the first time the decentralized finance (DeFi) marketplace has been abused for millions of dollars worth of coins: only a little more than a month earlier, on March 15, it lost about $3 million in a presumably very similar or identical method.

Another Bitcoin solo miner takes first place in the block race:

A single Bitcoin (BTC) miner with a hashrate capability of 60 terahashes per second added a new block to the Bitcoin network, earning a BTC 6.25 block reward (USD 244,074). 

According to pseudonymous Bitcoin, famed for his Bitcoin mining installations for houses, this is the sixth solo miner to win a Bitcoin block thus far in 2022.

According to BTC.com, the miner in issue is a member of the Solo CK solo mining pool, which ranks 13th on the list of bitcoin mining pools with a total processing power of more than 400 petahash per second (PH/s).

Kolivas emphasized that under the present Bitcoin network difficulty, a miner with 60TH has a probability of solving a block per day of less than 1 in 20,000 (or 0.005%).

At the beginning of this year, two Solo CK solo Bitcoin miners with hashrate capacities of 126TH and 116TH, respectively, resolved the mystery of a Bitcoin block in less than a week, sparking discussion over whether solo Bitcoin mining is rising.

Borrowers in the United States may now use cryptocurrency mortgages to purchase a home:

USDC.houses, new decentralized finance (DeFi) startup, is now selling DeFi mortgages to US homeowners, allowing customers to buy homes using crypto without first liquidating it.

Presently, the initiative is only available to Texas citizens, but it intends to expand its service to other states “soon.”

The initiative provides both unsecured and secured lending alternatives, allowing customers to secure crypto mortgages using bitcoin (BTC), ethereum (ETH), USD coin (USDC) stablecoin, and other prominent crypto assets as collateral.

Homebuyers can borrow up to $5 million through USDC.homes, with a 5.5% interest rate and a 20% down payment.

While all transactions are completed on-chain, borrowers can provide off-chain data when applying, such as their credit score. USDC.homes is based on the Teller protocol, a DeFi initiative that enables blockchain asset lending and borrowing.

USDC.homes has already made its first crypto loan to a Texas resident, who utilized the $500,000 loan to buy a $680,000 property.

Crypto mortgages provide a lot of benefits to cryptocurrency consumers.

Furthermore, borrowers’ down contributions are staked rather than sold, with the revenues utilized to assist homeowners in paying off their debts.

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