Connect with us

NFT

How Axie Infinity Recovers From $600M Hack and Relaunches New Ronin Bridge?

The popular non-fungible token (NFT) game Axie Infinity’s developer, Sky Mavis, celebrated the Ronin Bridge’s re-launch.

Published

on

Users may deposit, stake, withdraw money from the game, and access additional functions thanks to this cross-chain platform. In March 2022, the bridge’s remaining $600 million was drained.

Sku Mavis and the Axie Infinity team have been collaborating with law enforcement since the incident to retrieve the 173,600 ETH and $25.5 million in USDC. In this way, they have re-deployed the Ronin Bridge and compensated any users who lost money as a result of the attack.

All users have been fully compensated, as indicated in the release. Two outside firms, Verichains and Certik, have audited the new Ronin (RON) network. These businesses investigated the Ronin Bridge Smart Contracts and its components, then made their security findings public. Verichains reported

The audit team found certain weak points in the application during the audit process and made some recommendations as a result. The Sky Mavis team addressed and updated the smart contract code in accordance with our suggestions. There were no issues of Medium, High, or Critical severity with the Ronin Bridge Smart Contracts.

The updated architecture of the Ronin Bridge has added a new “circuit-breaker” feature in addition to the two independent audits of its smart contracts. This was specifically included to stop malicious actors from repeating the prior attack or making use of any potential new attack vector.

The corporation will reportedly make an effort to find the stolen monies, according to the notification. As previously announced, all users will be able to withdraw their funds in the interim:

As promised, all wETH and USDC that Ronin Network members own are now completely backed 1:1 by ETH and USDC on Ethereum. The entire user base has been restored.

This prevented the Axie Infinity DAO’s 56,000 ETH from being used. The condition of these assets will depend on how well law enforcement efforts go. The Axie DAO will “vote on next moves for the treasury” if this plan doesn’t produce any results after two years.

How Users Will Be Protected By Axie Infinity From Potential Attacks
The circuit-breaker system will function using a withdrawal restriction depending on total value. Large withdrawals will require the approval of over 70% of the node or, if they exceed $1 million, the signatures of 90% of the validators.

Withdrawals of more above $10 million require the approval of a manual review process that takes up to 7 days and requires the signatures of 90% of the validators. The daily maximum withdrawal amount on the new Ronin Network will be $50 million.

This limit must be manually reset by a Ronin administrator if network transactions exceed it. The project’s leadership stated:

We are more determined than ever to see Ronin establish itself as the de facto standard for consumer and gaming blockchain applications.

NFT

Launching with a partnership with Crypto.com, the Cronos-based NFT platform Minted

Minted, a non-fungible token (NFT) marketplace promoted by Cronos Labs, debuted on Thursday and announced a partnership with market leader Crypto.com.

Published

on

Even though there are other NFT marketplaces on Cronos, Minted enables top-tier NFT projects like Moonbirds, Otherdeeds, and other well-known NFTs frequently based on Ethereum to be featured alongside Cronos-based ones. The platform will support over 10 million NFTs from 2,800 projects.

Following their collaboration, Minted will handle any secondary trades of Cronos-based NFTs initially sold on Crypto.com.

Users can list their NFTs built on Ethereum on the marketplace in exchange for $MTD, the platform’s native coin. Then, $MTD can be staked to earn yield for a predetermined period. The user receives more benefits while using well-known NFTs, such as Moonbirds and Otherdeeds, or uncommon NFTs.

Looksrare and other NFT marketplaces have previously provided users with prizes for listing NFTs. The Block earlier claimed that Looksrare saw significant wash-trading before losing popularity.

According to a project manager at Minted who went by the pseudonym Marco and spoke to The Block, the site has parameters to prevent users from abusing rewards. One such strategy is incentivizing users to price their NFTs fairly instead of doing so at an inflated or depressed cost. According to Marco, they receive one more point if they list the NFT for two times the floor price. The points increase to two if they advertise it at 1.1 times the floor price, though.

Overall, Minted wants to be multi-chain from the beginning with Ethereum and Cronos and give users a more intentional experience, Cronos managing director Ken Timsit told The Block.

“The concept is simply to construct a collection of features more thoughtfully for creators, companies, and users that deliver an NFT experience that is more curated and careful.”

Continue Reading

NFT

HitPiece, a music NFT platform, prioritizes ownership rights following a difficult test debut

The music non-fungible token (NFT) platform HitPiece, which caused controversy when it first went live in beta back in February, is fully operational. Additionally, the revised version will try to steer clear of the copyright problems that the beta version encountered, according to co-founder Rory Felton.

Published

on

The beta debut of HitPiece sparked controversy among musicians who alleged that their works were posted on the platform without their knowledge or consent. HitPiece ultimately made the decision to delete its beta website.

Felton told The Block that the company improved the platform based on community feedback in an effort to make it the go-to location for music NFTs.

highlighting property rights
Felton asserted that there was absolutely no music available on the HitPiece beta platform and that the business would never offer music for sale without the necessary commercial rights. According to him, it was designed to be a private experience that was created on a private blockchain. Nothing was decentralized or marketable through a third party.

However, when artists discovered their work on HitPiece, they asserted that it had been minted as NFTs against their will. The Recording Industry Association of America even demanded HitPiece stop selling NFTs in a letter of demand.

Clearly, we realized we made some mistakes after receiving the criticism in early February. Fletcher stated. “We didn’t put the required safeguards in place to make sure that only creators and owners of the rights to use their intellectual property could mint NFTs containing their creative assets. Therefore, we removed that beta and created a product that, in our opinion, makes sense for both the market and artists.

Five months later, HitPiece is prioritizing ownership rights and advancing the interests of the platform’s artists as it goes public.

Felton claimed that the company’s Wednesday announcement of a partnership with Audible Magic shows that emphasis. We collaborated with [Audible Magic] because we believe it’s crucial that only the song’s owners and rights holders mint NFTs with that music on them.

By 2021, there will be over 100 million songs available on Audible Magic from over 400,000 record labels. To make sure that no copyright laws will be breached by minting an NFT, artists and rights holders must register on HitPiece, validate their identity, and have their uploaded content reviewed against Audible Magic’s database.

Additionally, HitPiece will pay the transaction fees and minting expenses incurred by platform-using artists. However, according to Felton, the platform might never cover the cost of gas and other costs.

Felton, a lifelong music enthusiast, and Jeff Birmingham, a Spotify early investor, co-founded HitPiece in 2020. According to Felton, “it became obvious to me that there were chances for music artists who take advantage of the space to produce new revenue streams and engage with their audience in novel ways.”

According to musician ATL Jacob, who spoke at the platform’s debut, “Web3 has great potential to be a catalyst for increasing artistic integrity, autonomy, and engagement for any musician, regardless of their reach.” ATL Jacob is one of the “dozens” of musicians already utilizing the platform, according to HitPiece, and he currently holds the top spot on Billboard’s Hot 100 Producers chart.

Every musician should eventually sign up for web3, according to Felton. “I think some will move into this area faster than others, but I think it’s here and I think that’s kind of like an ostrich burying its head to ignore it,” the speaker said.

Continue Reading

NFT

Avalanche Increases by Nearly 15% Amid Rising NFT Volumes

Avalanche, a well-known Ethereum rival, has increased by double digits as the network’s NFTs gain popularity.

Published

on

Among the top 20 largest cryptocurrencies by market capitalization, Avalanche (AVAX) is leading the increases.

The trade volume for AVAX, the coin that powers the layer-1 blockchain, increased by 23 percent during the last day and is up 14.18 percent.

According to information from CoinMarketCap, the coin is presently trading at about $29.3. The cryptocurrency is still down 80.55 percent from its all-time high of $146.22 in November 2021, despite a 25 percent increase during the previous seven days.

Data from DefiLlama shows that the total value locked (TVL), a measure of on-chain DeFi activity, has increased 1.74 percent during the previous 24 hours. Avalanche currently has a TVL of $2.42 billion.

The bullish movement of today destroyed short traders. Data from Coinglass shows that over the last day, short positions on AVAX totaled $1.98 million. Over the same time period, long deals totalling $363.8K were also liquidated.

NFT Demand on Avalanche is Growing
The rapid expansion of Avalanche-based NFTs looks to be one of the primary drivers of today’s bullish price movement.

Data from CryptoSlam shows that trading volumes have surged by 30.90% during the last 24 hours. Over the same time period, the overall number of sales grew by 12 percent, going from 125 to 140.

According to data from CryptoSlam, the most popular Avalanche NFT collection Navy Seal Game trade volume increased by 62.7 percent in the last day. The trade volume of other NFT collections, such as Avapepes and Pizza Game Chefs, has also increased significantly during the same time frame.

Along with Avalanche, the two most popular cryptocurrencies over the previous day have seen gains: Bitcoin (BTC) and Ethereum (ETH).

Bitcoin has increased by 5% over the last day and is currently trading at about $24,129, according to statistics from CoinMarketCap.

According to data from CoinMarketCap, the price of ETH has increased by 5.3 percent during the last 24 hours to be about $1,772.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 24,529.57 0.08%
ethereum
Ethereum (ETH) $ 1,982.48 0.10%
tether
Tether (USDT) $ 1.00 0.04%
chiliz
Chiliz (CHZ) $ 0.181175 12.79%
enjincoin
Enjin Coin (ENJ) $ 0.720569 1.65%
decentraland
Decentraland (MANA) $ 1.08 0.67%
flow
Flow (FLOW) $ 2.88 2.51%
the-sandbox
The Sandbox (SAND) $ 1.36 1.31%
wax
WAX (WAXP) $ 0.126595 1.02%
ecomi
ECOMI (OMI) $ 0.001680 0.62%