TRON, the leading blockchain-based operating system that aims to build a global digital content entertainment platform, has been making a huge investment in DeFi since 2020. In its effort to solidify its DeFi position in the market, TRON has teamed up with leading platforms like JUST, SUN, BitTorrent, and WINkLink Foundation to launch the much-awaited TRON Century Mining on March 8, 2021. Among its many participants, YFX (Your Future exchange) will be joining TRON Century Mining with the leading LP (liquidity mining) pool YFX-TRX at SUN.io. With YFX’s introduction into the TRON ecosystem, the TRON Century Mining applicants will be rewarded with an increased YFX-TRX LP liquid asset mining pace of around 6.8.
YFX.COM is a cross-chain decentralized contract platform based on Ethereum, Huobi Ecological Chain, Binance Smart Chain, OKEx public chain, TRON, and Polkadot. The platform provides up to 100 times the perpetual contract trading that BTC, ETH, or other similar assets can provide. YFX is quite different from the usual AMM (automatic market maker) model as it adopts the QIC-AMM market maker pool method to provide its users with high liquidity and low trading slippage. The primary goal of YFX.COM is to build a decentralized exchange that can compete with centralized exchanges on the derivatives trading track.
According to reports, the TRON Liquidity Mining campaign will last for 3 months, and TRON will be allocating the $100 million budget that it has reserved for its Developer’s Hackathon to Century Mining. If liquidity mining comes out to be a fruitful endeavor, TRON Foundation will consider providing unlimited subsidies to Century Mining participants to make it the biggest and the most rewarding event in the history of DeFi mining. Accordingly, users who participate in the TRON Century Mining will get rewards in 7 tokens: BTT, JST, TRX, SUN, WIN, YFX, and NFT.
For participating in the TRON mining, users first need to visit JustSwap.org to add liquidity and earn the LP tokens. After they earn LP tokens, they can freely visit Sun.io to stake their tokens. Adding liquidity to JustSwap is simple: users just need to click on the ‘Add Liquidity’ button, select 2 tokens of their choice, add the amount, and then again click on the “Provide “button. After confirming and providing the liquidity, users will get the corresponding LP tokens.
Now for staking LP tokens to Sun.io, users first need to login to Sun and select the corresponding mining pool and enter the amount they wish to supply. Then click on the “Accept” button to confirm the supply.
Each mining rewards batch will be unlocked once a week, with all rewards issued within a maximum of 24 weeks, starting from a week following the participation. A 10% of the entire LP pool mining rewards, equivalent to 33% of the overall SUN incentives, will be open for withdrawal at request. The outstanding rewards, including JST, SUN, TRX, BTT, WIN, YFX, and NFT, will be unlocked once a week, every 24 weeks.
White Hat Hacker Reveals High-Risk Vulnerability on SushiSwap
A white-hat hacker recently took the DeFi sector by storm after allegedly speaking about high-risk vulnerabilities on SushiSwap. According to the anonymous hacker, the vulnerabilities can risk user funds worth billions of dollars.
SushiSwap developers could not secretly fix the issue, resulting in the information being shared with the public. The hacker stated that the motive of the reveal was educating existing and future SushiSwap users about the risks that come with such vulnerable contracts. Additionally, the white hat hacker pointed out how casually SushiSwap handled the matter being showcased to them.
The hacker allegedly noted two main vulnerabilities within the emergencyWithdraw function in two contracts; MiniChefV2 and MasterChefV2. The contracts monitor SushiSwap’s rewards farms and pools on sidechains like Polygon, Avalanche, the Binance Smart Chain, etc.
An emergency withdrawal feature can be a security net prevalently used in DeFi protocols. It includes SushiSwap’s ETH smart contracts. The function helps users withdraw their LP tokes in an emergency, potentially even forfeiting the earned rewards.
Although both contracts possess the feature, the anonymous hacker claims it is misleading and does not function as intended. The comment by SushiSwap regarding the emergency withdrawal feature says that users should be able to get the funds without worrying about rewards. However, the feature fails if the SushiSwap pool does not have any rewards.
As per the report, the token rewards offered by SushiSwap to liquidity provider token holders are held in another account. At times, the rewards run dry and require manual filling via a multi-signature account, which apparently resides in different time zones.
Thus, it allegedly takes signature holders around 10 hours to refill the rewards account. The report also claims that some rewards get empty several times every month.
During this period, liquidity providers on SushiSwap cannot collect rewards, unstake, stake, or even use the emergency withdrawal function. The lockup means user funds are essentially held hostage during the time, disallowing them to address any price movements in the staked liquidity provider tokens.
The hacker claims SushiSwap’s Discord team often encouraged users to use the emergency withdrawal feature. However, as the call would usually fail due to the vulnerability, token holders should wait until they are refilled.
After discovering the vulnerability, the hacker claimed confidentiality, reaching SushiSwap and reporting the bug. The hacker was redirected to Immuefi (bug bounty platform), where SushiSwap lists its bug bounty program.
With a 1.25 million dollars maximum bounty posted on the platform, hackers disclosing high-risk vulnerabilities can get up to 40,000 dollars. However, SushiSwap closed the issue without offering the bounty amount and not fixing the vulnerability either.
The hacker stated that SushiSwap purposely added a vulnerability to lock up and cost token holders millions of dollars, while also refusing to fix it.
Kim Kardashian shilling Ethereum Max was apparently a ‘successful’ crypto campaign
Morning Consult’s poll, which was conducted among 2,200 US adults in the days following Kardashian’s post, revealed that the share was even higher among crypto owners, at 31%.
Crypto audience responds to celebrities
When asked how much they have seen, read or heard about Kardashian’s Instagram post encouraging her followers to join the Ethereum Max Community, roughly three in ten crypto owners confirmed knowing about the celebrity’s endorsement.
“Kim Kardashian’s Instagram post encouraging followers to join the Ethereum Max community, besides having a reach that would make most financial advisors drool, serves as the latest reminder that cryptocurrency’s audience is radically different from what financial services leaders are used to serving,” concluded financial services analyst Charlotte Principato, who examined the poll’s results.
Morning Consult revealed that after being told in the survey that the reality star endorsed Ethereum Max, trust in cryptocurrencies, in general, dropped roughly 5 points.
Although the analyst pointed out that such celebrity endorsements are not necessarily good for crypto in general, Kardashian’s conversion unraveled as being quite impressive, since 19% of respondents who said they heard about the post disclosed having invested in Ethereum Max as a result.
Traditional financial advisors still have more sway
A staggering 45% of crypto owners turn to celebrities for crypto advice, the poll revealed, but despite the influencers’ grip on the investor sentiment, Principato pointed out that financial advisors still “have more sway.”
The poll revealed that 81% of crypto owners would follow cryptocurrency investment recommendations from a traditional financial advisor.
“They’re more likely to go to more sources for investing information than general investors, specifically social media and from investment apps such as Robinhood or Betterment,” according to Morning Consult.
“Investment leaders will need to remember that although financial advisors are still a trusted source of advice, they’re competing with more sources of information for crypto investors’ mindshare,” concluded the analyst.
The UK regulator used her Instagram promotion as an example, while calling for regulatory reform that would address crypto misconduct and the celebrities’ role in promoting pump and dumps.
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Dubai World Trade Center Enters Into Pro-Crypto Agreement
The Dubai World Trade Centre Authority (DWTCA) has signed a pro-crypto agreement with the UAE’s Securities and Commodities Authority (SCA). This would allow crypto asset trading and associated financial operations within the DWTCA’s free zone.
According to the Dubai World Trade Centre, the Securities and Commodities Authority (SCA) will take charge of the regulatory oversight for the issue, trading, and listing of digital assets within Dubai. The SCA will additionally regulate financial operations that fall within the jurisdiction of the DWTCA’s.
The agreement also permits the SCA to inspect businesses operating within DWTCA’s free zone and putting up a mechanism for the DWTCA to grant required permissions and licenses, permitting formal operations of crypto asset-related financial activities.
Helal Saeed Almarri, the Director of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM), said that the agreement with the Securities and Commodities Authority will enable DWTCA to expand its regulatory, licensing, and services, and extend centralized crypto market oversight to their free zone. New technologies like NFTs are poised to play a key part in the future of commerce. Building on the Future Blockchain Summit, the DWTCA is looking for ways to provide a long-term home for this ecosystem to remain future-ready.
Dubai Authorities joining the long line of countries to support crypto
Governments are quickly recognizing the crypto industry’s scalability potential. While nations, including El Salvador, continue to adopt the Bitcoin Legal Tender despite public outcry, the Indian subcontinent is seeing government leaders show support for the crypto sphere.
Nirmala Sitharaman, India’s finance minister recently pointed out that the government’s cautious approach to crypto might be a mistake, and that they have to “make sure that the futuristic item can’t be blocked out.”
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