• Allegations from head of Nomad, a LayerZero competitor, that LayerZero has a “backdoor” in their code to bypass security controls and move funds without permission.
• LayerZero co-founder Bryan Pellegrino denies accusations and explains that the project does have backdoor-like capabilities but has never attempted to hide them.
• Uniswap is set to vote on whether to partner with LayerZero.

LayerZero, a cross-chain bridging service, has been hit with allegations from a competitor that it covered up the existence of a critical „backdoor“ vulnerability in its code. James Prestwich, the founder of Nomad, raised the allegations in a blog post published on Monday.

Prestwich claims LayerZero has the ability to bypass security controls which would allow it to pass data between blockchains without anyone’s permission. He further explains that this backdoor-like capability could be used to unilaterally steal or move around funds locked up with platforms that use LayerZero’s bridging services with default settings.

Bryan Pellegrino, a co-founder of LayerZero, refuted the accusations, claiming that the project does indeed have backdoor-like capabilities, but denied that LayerZero has ever tried to hide them. He stated that the project had been transparent about its capabilities since its launch and that the accusations were „misinformed and baseless“.

The allegations come just before Uniswap, the automated market maker for trading Ethereum tokens, is set to vote on whether to partner with LayerZero. Uniswap has yet to comment on the allegations, but it remains to be seen how they will affect the voting outcome.

LayerZero has been in the spotlight lately as it seeks to bridge the gap between different blockchains, allowing users to move assets between them more quickly and easily. With the accusations of a backdoor and the looming Uniswap vote, it’s yet to be seen how LayerZero will fare in the coming months.

• MakerDAO’s community has approved a proposal to deploy up to $100 million in USDC from its reserve into a vault on DeFi protocol Yearn Finance.
• MakerDAO is expected to earn a 2% annual yield on USDC stablecoin deposits.
• The proposal was voted on with 72% of voters in favor of the plan.

The MakerDAO community recently approved a proposal to deploy up to $100 million in USDC from its reserve into a vault on the DeFi protocol Yearn Finance. The decision opens the way for MakerDAO to earn an estimated 2% annual yield on USDC stablecoin deposits.

The proposal, which was submitted at the end of November, was voted on with 72% of voters in favor of the plan. MakerDAO is the largest decentralized finance (DeFi) platform in the world, and the move to invest in Yearn Finance is a major step forward for the platform.

The funds will be invested in a non-custodial vault on Yearn, with a ceiling set at $100 million. The funds will be taken from MakerDAO’s „peg stability module,“ or PSM, which is used to back the value of Maker’s decentralized stablecoin DAI.

The aim of the move is to ensure that MakerDAO’s funds are earning a yield and to increase the platform’s overall liquidity. The investment in Yearn Finance is expected to be an attractive proposition for those looking to earn a return on their USDC deposits.

Overall, the move is an important one for MakerDAO, and it emphasizes the platform’s commitment to growing its presence in the DeFi space. It is expected that MakerDAO will become an even more attractive choice for those looking to invest in the space, and that the platform will continue to expand its reach and offerings.

• BNB chain has completed the burn of over $575 million worth of native BNB tokens as part of a broader program.
• Token burn refers to the process of permanently deleting coins from the circulating supply.
• The BNB Auto-Burn provides an independently auditable, objective process, as figures are reported quarterly.

Binance’s native BNB token has been slowly burning over the past few months, with the total amount burned now reaching $575 million. The burn was executed as part of BNB Chain’s broader program, with Binance confirming the news on Tuesday.

Token burning is the process of permanently deleting coins from a circulating supply. BNB has a total supply of 200 million tokens, of which half are to be removed from circulation through a burning process. This commitment is automatically honored each quarter, and the amount of BNB burned is calculated according to the BNB Auto-Burn formula.

The Auto-Burn formula adjusts the amount of BNB to be burned based on BNB’s price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter. BNB Chain also continues to burn a portion of BNB Chain’s gas fees in real-time using a bespoke mechanism.

The burning mechanism is independently auditable and objective, with the figures reported quarterly. The mechanism is also independent of Binance’s centralized exchange.

Since the introduction of BEP95, over 145,000 BNB has been burnt under this mechanism. The token burning is an important part of BNB’s inflation management, and BNB’s circulating supply has been gradually decreasing ever since.

The burning of BNB tokens shows the dedication of the BNB team to its inflation management, and serves as a reminder that the BNB token has a finite supply and will continue to become scarce over time.

• Noelle Acheson has proposed a new philosophy for markets that involve tradable assets that embody technology.
• The public perception of crypto has shifted from a new type of money, a global computer, an engagement incentive, a governance value to a market.
• Crypto is no longer seen as a risky asset, and is slowly gaining recognition as a legitimate asset class with potential for long-term returns.

Noelle Acheson has proposed a new philosophy for markets that involve tradable assets that embody technology. Tradable assets are items that can be bought, sold, and exchanged on the market. Technology, on the other hand, is a broad term that encompasses many different kinds of systems, products, and services. Tradable assets that embody technology are those that are created from or are influenced by technology.

Cryptocurrency has been at the forefront of this new philosophy of markets. For the first time in history, we have tradable assets that embody innovation. The public perception of crypto has shifted from a new type of money, a global computer, an engagement incentive, a governance value to a market. Crypto is no longer seen as a risky asset, and is slowly gaining recognition as a legitimate asset class with potential for long-term returns.

The emergence of crypto as a tradable asset has opened up new avenues for investment. It has provided investors with an opportunity to diversify their portfolios and gain exposure to a new asset class. Additionally, it has made it easier for retail investors to access the crypto market, allowing them to participate in the digital economy and benefit from the growth of cryptocurrency.

The future of crypto markets is full of potential and opportunities to explore. With the right mix of technology, innovation, and regulation, the crypto market can become a powerful tool for individuals and institutions alike. By embracing the new philosophy of markets that embody technology, we can create a more efficient, secure, and accessible financial system for everyone.

• The collapse of FTX has not deterred users and developers from using Solana, according to Austin Federa, head of strategy and communications at the Solana Foundation.
• Federa said there has been an increase in on-chain activity despite the FTX contagion.
• Solana’s native token SOL has fallen roughly 90% in the past 12 months following the collapse of one of its most prominent backers, FTX.

Despite the collapse of one of its most prominent backers, FTX, the Solana network has not been deterred from attracting users and developers. Austin Federa, head of strategy and communications at the Solana Foundation, recently spoke with CoinDesk TV’s “First Mover” and said that there has been an increase in on-chain activity despite the FTX contagion. This is surprising news considering that Solana’s native token SOL has fallen roughly 90% in the past 12 months following the collapse of FTX.

Federa noted that the strong user and developer base has remained on the network, showing that there is a true staying power. He said that the platform has become a haven for developers building their own applications, while also creating their own tokens on the Solana network. This includes the recently launched Bonk token, which has been gaining interest in the community.

The Solana Foundation is also working on several initiatives to further enhance the network, including the Solana Ecosystem Fund, which is aimed at supporting developers and projects building on the Solana network. Federa also spoke about the Foundation’s partnership with Chainlink, which is helping to bring more DeFi projects to the Solana network.

Overall, the Solana network has continued to gain traction despite the collapse of one of its most prominent backers. With initiatives such as the Solana Ecosystem Fund, along with the emergence of new tokens such as Bonk, the platform looks set to remain a popular spot for developers and users alike.

• Bitcoin’s hashrate hit an all-time high in November 2020 despite a wave of lawsuits, bankruptcies and resignations in the crypto sector throughout the year.
• This is seen by many as a sign of faith in the long-term success of the network.
• Bitcoin’s hashrate has risen steadily over the past 12 months despite the network’s token, Bitcoin (BTC), losing over two-thirds of its value.

Despite the turbulence of the past year in the cryptocurrency sector, Bitcoin’s hashrate has remained a sign of faith in the long-term success of the network. In November 2020, Bitcoin’s hashrate hit an all-time high, despite a wave of lawsuits, bankruptcies and resignations among cryptocurrency investors and companies.

Hashrate is a measure of the processing power directed at securing the Bitcoin network, and its steady increase over the past 12 months is a testament to the faith of many investors that Bitcoin will continue to be a valuable asset. This is despite the fact that the value of Bitcoin (BTC) has decreased by more than two-thirds over the same period.

High hashrate is a sign of good health for the Bitcoin network, and indicates that miners are continuing to invest in the network, despite the current market conditions. It is also a sign that the Bitcoin network is secure and resilient, as miners are continuing to invest in the network despite potential short-term losses.

The fact that the hashrate has remained so high despite the turbulence of the past year is a positive indication of the future of cryptocurrency and the blockchain technology that underpins it. Investors are continuing to bet on the long-term success of Bitcoin and other digital assets, despite the short-term difficulties that the sector has faced.

This is a sign of faith in the potential of cryptocurrency and blockchain technology to revolutionize the way that we handle money and data. Investors are betting that the technology will continue to grow and become more widely accepted and adopted in the future, and that the current market conditions are just a temporary blip.

The high hashrate is also a sign that cryptocurrency mining is still a viable business, despite the current market conditions. Mining is a critical component of the cryptocurrency ecosystem, as it is the process that verifies and records transactions on the blockchain, and miners are rewarded for their work with newly created coins.

The continued investment in mining is a sign that miners still see the potential for profit in the future, and that they are willing to take the risk of investing in the sector despite the current market conditions. This is a positive sign for the future of cryptocurrency and blockchain technology, as miners are putting their money where their mouth is and showing their faith in the long-term potential of the sector.

In conclusion, the high hashrate of the Bitcoin network is a positive indicator of the future of cryptocurrency, and is a sign of faith in the long-term potential of the sector. Despite the turbulence of the past year, miners are still investing in the network, indicating that they believe in its potential and are willing to take the risk of investing in the sector. This is a positive sign for the future of cryptocurrency and blockchain technology, and is an indication that investors are betting on the long-term success of the sector.