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A new Cardano EVM Sidechain for Solidity developers is set to increase interoperability between Cardano and Ethereum. The Ethereum Virtual Machine (EVM) is the virtual computer system at the heart of the Ethereum blockchain’s operating structure.
Solidity developers will be able to bring their existing Ethereum applications to an EVM-compatible sidechain that supports all the EVM tools and frameworks they currently use on the Ethereum network.
This platform will make it easy for Solidity developers to build applications in an environment with all of the aspects they love about Ethereum and all of the aspects they would like access to on Cardano.
Separate blockchains connected to the main blockchain network, Sidechains allow developers to bring new features to blockchain platforms. The new offering from Input Output Global (IOG), one of the systems companies behind Cardano, will introduce a new suite of Cardano sidechains.
Sidechains enhance programmability (the ability for developers to have more control over the types of solutions they can build), scalability (the ability of a blockchain to grow with its user base), and interoperability (the ability of different blockchain networks to connect) within the blockchain space.
The first step on this journey is the EVM Sidechain alpha release. The currently private test environment will next move to an alpha release, permissioned testnet, where users can start building on the sidechain.
Once the bridging mechanism is fully developed, users will be able to securely send assets between the EVM Sidechain and the Cardano mainnet.
Full capabilities of the sidechain will be developed over the coming year, with mainnet deployment set to launch in 2023.
Over time, as more users adopt blockchain technology, we will need more specialized sidechains designed to address specific use cases.
Once the EVM Sidechain is fully developed, blockchain developers will have the ability to use the EVM Sidechain as a framework to create their own Cardano sidechain.
“At IO we want to give devs the best tools to take advantage of blockchain, no matter their background in the space. Sidechains enable us to expand the Cardano feature set for niche apps and provide a test ground for new capabilities for developers. The EVM Sidechain will let the Cardano community benefit from the billions of dollars of investment that have built the Ethereum ecosystem, with ADA holders able to participate in securing these satellite ecosystems.”
– Dynal Patel, CPO of Input Output
To register your interest in being one of those on the testnet for the EVM Sidechain, click on the link here.
Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt.
In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms” not covering their debts.
CoinFLEX CEO Mark Lamb took to Twitter shortly after the statement to claim the company had a written contract with Ver “obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.” According to Lamb, CoinFLEX served Ver with a notice of default and was “speaking to him on calls frequently about this situation with the aim of resolving,” claiming the firm did not owe him anything.
“It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities,” said the CoinFLEX CEO.
Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.
— Mark Lamb (@MarkDavidLamb) June 28, 2022
Cointelegraph reported on Tuesday that a CoinFLEX account — held by a “high-integrity person of significant means” — incurred $47 million in losses after being allowed to reach negative equity without being liquidated. The platform planned to fix its liquidity shortage by issuing a new token, Recovery Value USD (rvUSD), starting June 28, with user withdrawals expected to resume on June 30.
The price of CoinFLEX’s native token (FLEX) has fallen more than 84% in the last 30 days, dropping from $1.19 to $0.80 following Lamb’s and Ver’s statements on Twitter.
Cointelegraph reached out to Roger Ver and Mark Lamb, but did not receive a response at the time of publication. This story may be updated.
The recent downturn in the broader crypto landscape has highlighted several flaws inherent with proof-of-stake (PoS) networks and Web3 protocols. Mechanisms such as bonding/unbonding and lock-up periods were architecturally built into many PoS networks and liquidity pools with the intent of mitigating a total bank run and promoting decentralization. Yet, the inability to quickly withdraw funds has become a reason why many are losing money, including some of the most prominent crypto companies.
At their most fundamental level, PoS networks like Polkadot, Solana and the ill-fated Terra rely on validators that verify transactions while securing the blockchain by keeping it decentralized. Similarly, liquidity providers from various protocols offer liquidity across the network and improve each respective cryptocurrency’s velocity — i.e., the rate at which the tokens are exchanged across the crypto rail.
Download and purchase reports on the Cointelegraph Research Terminal.
In its soon-to-be-released report “Web3: The Next Form of the Internet,” Cointelegraph Research discusses the issues faced by decentralized finance (DeFi) in light of the current economic background and assesses how the market will develop.
The Terra meltdown raised many questions about the sustainability of crypto lending protocols and, most importantly, the safety of the assets deposited by the platforms’ users. In particular, crypto lending protocol Anchor, the centerpiece of Terra’s ecosystem, struggled to handle the depeg of TerraUSD (UST), Terra’s algorithmic stablecoin. This resulted in users losing billions of dollars. Before the depeg, Anchor Protocol had more than $17 billion in total value locked. As of June 28, it stands at just under $1.8 million.
The assets deposited in Anchor have a three-week lock-up period. As a result, many users could not exit their LUNA — which has since been renamed Luna Classic (LUNC) — and UST positions at higher prices to mitigate their losses during the crash. As Anchor Protocol collapsed, its team decided to burn the locked-up deposits, raising the liquidity outflow from the Terra ecosystem to $30 billion, subsequently causing a 36% decrease in the total TVL on Ethereum.
While multiple factors led to Terra’s collapse — including UST withdrawals and volatile market conditions — it is clear that the inability to quickly remove funds from the platform represents a significant risk and entry barrier for some users.
The current bear market has already demonstrated that even curated investment decisions, carefully evaluated and made by the leading market players, are becoming akin to a gamble due to lock-up periods.
Unfortunately, even the most thought-out, calculated investments are not immune to shocks. The token stETH is minted by Lido when Ether (ETH) is staked on its platform and allows users access to a token backed 1:1 by Ether that they can continue using in DeFi while their ETH is staked. Lending protocol Celsius put up 409,000 stETH as collateral on Aave, another lending protocol, to borrow $303.84 million in stablecoins.
However, as stETH depegged from Ether and the price of ETH fell amid the market downturn, the value of the collateral started falling as well, which has raised suspicions that Celsius’ stETH has been liquidated and that the company is facing bankruptcy.
Given that there is 481,000 stETH available on Curve, the second-largest DeFi lending protocol, the liquidation of this position would subsequently cause extreme token price volatility and a further stETH depeg. Thus, lock-up periods for lending protocols act not only as an additional risk factor for an individual investor but can sometimes trigger an unpredictable chain of events that impact the broader DeFi market.
Three Arrows Capital is also at risk, with the ETH price decline reportedly leading to the liquidation of 212,000 ETH used as collateral for its $183 million debt in stablecoins and putting the venture fund on the brink of bankruptcy.
Moreover, the inability of lending protocols to negate the liquidations recently pushed Solend, the most prominent lending protocol on Solana, to intervene and propose taking over a whale’s wallet “so the liquidation can be executed OTC and avoid pushing Solana to its limits.” In particular, the liquidation of the $21-million position could cause cascading liquidations if the price of SOL were to drop too low. The initial vote was pushed through by another whale wallet, which contributed 95.1% of the total votes. Even though a second vote overturned this decision, the fact that the developers went against the core principles of decentralization, and revealed its lack thereof, alarmed many in the crypto community.
Ultimately, a lack of flexibility with bonding/unbonding and locked liquidity farming pools may deter future contributors from joining Web3 unless they have a strong understanding of DeFi design and commensurate risk. This is exacerbated by the collapse of “too big to fail” protocols like Terra and uncertainty around hybrid venture capital firms/hedge funds like Three Arrows Capital. It may be time to evaluate some alternative solutions to lock-up periods to allow for sustainable yields and true mass adoption.
This article is for information purposes only and represents neither investment advice nor an investment analysis or an invitation to buy or sell financial instruments. Specifically, the document does not serve as a substitute for individual investment or other advice.
Colendi, the fastest-growing embedded fintech services platform in Turkey and surrounding regions, today announced it has acquired London-based blockchain settlements and payments provider SETL.
Launched in 2015, SETL is an enterprise blockchain company known for its high-profile work with selected central banks and T1 financial institutions.
In December SETL announced a collaboration with SWIFT in an interoperability proof of concept and tested its 1M TPS blockchain to service a regulated liability network (RLN) with AWS.
“We are delighted to welcome SETL to the Colendi family and look forward to leveraging their formidable blockchain tech for the benefit of our users. We see a future where your financial interactions are embedded in your experience whether you are gaming, shopping, investing, or saving.”
– Colendi Chairman, Ian Hannam, & Colendi CEO, Bulent Tekmen
With the closing of a $38 million Series A funding round last September, plus the SETL acquisition, the services that will be offered under the Colendi umbrella, will position the company as a major player in the corporate blockchain solutions market.
This architecture will be integrated into the core Colendi wallet and available to all Colendi users as the company extends its services into an investment, messaging, gaming, and many other dApps currently under development within the Colendi ecosystem.
A native network token offering is also anticipated, supporting a 2023 launch.
Interoperable with SETL’s 1M TPS interbank offering, the new decentralized network is expected to be EVM compatible, able to support cross-chain connectivity, and natively support popular formats for NFTs and other tokens.
The network aims to bridge the gap between public and private blockchains by allowing regulated institutions to deploy nodes that can selectively participate in public transactions whilst maintaining their own permissioned ledger.
“We will of course keep our prominent role in RegFi, bringing market infra, asset management, and payments solutions to regulated financial institutions. RegFi still represents 99% of worldwide financial flows! But as a leading-edge financial technology firm, SETL could not ignore DeFi. With Colendi, we are preparing the RegFi/DeFi convergence. And we will offer to our RegFi clients the opportunity to connect in a secure manner to a public blockchain ecosystem”
– SETL CEO, Philippe Morel
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