Crypto Shuttle News

Author: admin

Enya launches beta of Boba, a new Optimistic-based Ethereum L2 solution

[ad_1]

Enya, a developer of decentralized infrastructure solutions, today announced the launch of the mainnet beta of Boba Network, its new Ethereum layer-2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts.

Boba reduces gas fees and improves transaction throughput by aggregating transactions in volume while ensuring compatibility with Ethereum. DeFi and NFT applications that are currently cost-prohibitive on Ethereum become affordable on Boba.

Aiming to stand out among current Ethereum layer-2 solutions, Boba provides a streamlined exit of cryptocurrency-assets from Boba to Ethereum, extensible smart contracts, and, soon, decentralized autonomous organization (DAO) governance.

Overview: Boba Network

Optimizing for user experience, the Boba Network offers fast exits that are backed by community-driven liquidity pools, shrinking the withdrawal period from the conventional seven days to only a few minutes.

Further, the Boba NFT Bridge allows for cost-effective NFT launches which can be brought to Ethereum. NFT projects are all on Ethereum, but gas wars make it a playground only for the rich. Boba makes it possible to use NFTs for micro-transactions such as in gaming while enjoying the security of Ethereum.

This solution offers the best of both worlds: security and decentralization rooted in Ethereum (no compromise like a multisig bridge wallet) but also low transaction costs and fast execution.

In terms of new capabilities for the ecosystem, Boba enables Ethereum developers to create smart contracts that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are either too expensive, slow, or difficult to execute on-chain.

Finally, the Boba DAO lays the groundwork for decentralized governance by encouraging the community to propose network enhancements and vote on the proposals right on the Boba Network.

“We welcome the entire DeFi and NFT developer community to build on Boba. Our team is passionate about creating a more inclusive decentralized ecosystem. We are doing this by reducing barriers to adoption for users and developers. The launch of Boba’s mainnet beta today brings us one step closer…”
– Alan Chiu, Founder & CEO of Enya

Source:
docs.boba.network

[ad_2]

Source link

August 19, 2021
Continuing our commitment to customers: introducing phone support for ATOs
[ad_1]

By Casper Sorensen, Vice President, Customer Experience

At Coinbase, our goal is to be the most trusted crypto platform. Our security team significantly invests to protect our 68+ million users.

We take many steps to protect our customers from account takeovers (ATOs), which are often caused by phishing campaigns, SIM swaps, or support scams.
- First, every customer is opted in to two-factor authentication by default. This level of security is not the default for many traditional financial institutions and other technology platforms. But at Coinbase, we believe this extra helps provide important baseline protection for our customers.
- Second, we require device verification for all customers when they log in from a new, unrecognized device. This provides yet another line of defense against potential attacks.
- Finally, we encourage customers to use the most advanced hardware security keys available, such as Yubikeys. Yubikeys provide the most powerful two-factor authentication available on the market today.
As a result of these protection efforts, only a small number (less than .01%) of customers have been impacted by account takeovers. In the rare event that a customer notices a potential account takeover, we provide multiple channels for customers to quickly and easily lock their account so no further unauthorized activity can take place.

Today, we’re beginning to roll out phone support for ATOs, to provide customers with a live agent to kick off an investigation. If you believe you’re a victim of an ATO, please call +1 888 908–7930 or visit our support page to protect your account and get help.

Since January, we have improved our customer support by increasing our support staff headcount by 5x, providing self-service messaging prompts within the product itself to guide our customers through challenging transactions, and we’re scheduled to roll out live messaging as a new support channel later this year to provide real time support for our customers.

Our goal is to protect our customers as they participate in the cryptoeconomy while also providing them the best user experience possible. That said, we recognize that our work is never done when it comes to security and support — and they remain a top priority for Coinbase.

Continuing our commitment to customers: introducing phone support for ATOs was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

[ad_2]

Source link
August 19, 2021
Ethereum CME Open Interest, Why Trading Volume Ballooned

[ad_1]

Ethereum has been slowing down on its bullish momentum. The second cryptocurrency by market cap trades at $3,066 with a 4.2% loss in the daily chart.

ETH moving sideways in the daily chart. Source: ETHUSD Tradingview

After two weeks of profits and an incredible rally from the low at $2,000, mostly driven by the implementation of EIP-1559, Ethereum could see some downside in the short term.

The In/Out of the Money Around Price (IOMAP) metric, used to measure the average purchase price of a crypto asset and compared it to its current price, from IntoTheBlock suggests Ethereum sits at “stable support”.

Analyst Ali Martinez shared the chart below and indicated that over 230,000 addresses bought 7,33 million ETH between $2,970 and $3,080. Thus, ETH’s price must hold above these levels to prevent a bearish trend in the short term. Martinez added:

Any downswing below this price range could encourage investors to book profits quickly before their investments go “Out of the Money.”

ETH’s price IOMAP. Source: IntotheBlock via Ali Martinez

One of the key drivers for Ethereum has been institutional adoption that sees great potential in its ecosystem. Additional data provided by Arcane Research suggests adoption is still on the rise with ETH-based derivatives on the rise.

The research firm has recorded an increase in open interest (OI) for Ethereum futures on the Chicago Mercantile Exchange (CME). The ETH trading volumes have been gaining dominance and stand at around 30% of Bitcoin (BTC) and the open interest at 27%.

The OI of CME’s EH futures currently sits at an all-time high of $650 million. The OI of the bitcoin futures sits at $1.8 bn but is down substantially from its Feb 18^th peak of $3.3 billion. Ether futures now account for 26.5% of the total OI in CME’s crypto futures.

Source: Arcane Research

Ethereum Takes Market Share Away From Bitcoin

The OI also suggests that institutions are “eagerly” building up their Ethereum (ETH) positions at the moment, Arcane Research said. Most likely, a consequence of the EIP-1559 and the expectations of future appreciation due to the network’s new fee model.

Source: Arcane Research

As the chart shows, ETH futures trading volume has been on a rise since mid-April 12 and only slow down during May and July’s crypto market crash. During this time Ethereum went as low as $1,650 but was able to quickly recover both in price and in the aforementioned metric.

The daily trading volume of the CME ETH futures has also seen a significant uptick in market share recently. On Friday, Aug 13^th, the trading volume of the ETH futures accounted for 33% of the total trading volume in CME’s crypto futures. With the increased dominance of the ETH futures and the growing contango, a bullish sentiment around ETH among institutional investors seems to be brewing.

[ad_2]

Source link

August 18, 2021
Vitalik thinks token-based decentralized governance is holding DeFi back
[ad_1]
Ethereum co-founder Vitalik Buterin has taken a deep dive into token-based decentralized governance, suggesting that existing voting mechanisms are flawed and may be holding the DeFi sector back from realizing its full potential.

In a lengthy blog post published Aug. 16, Buterin stated the crypto community needs to “move beyond coin voting as it exists in its present form.”

Currently, the majority of decentralized finance (DeFi) projects manage their protocol upgrades, reward issuance, and other facets of governance elections where votes are distributed among token holders according to the size of their holdings.

However, many projects have come under fire for allowing their voting process to be dominated by whales holding vast swathes of the governance tokens, allowing them to vote in support of their personal interests.

Buterin highlighted two issues relating to token-based governance, emphasizing the risk of incentives misaligning among community members, and its vulnerability to “vote-buying” and “outright attacks” influencing the outcome of governance votes. He added:

“The most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.”

Buterin noted the prevalence of “unbundling,” whereby “vote-buying” can be achieved and governance systems can be manipulated by borrowing on crypto collateral and using the tokenized assets to vote.

In the context of unbundling, “the borrower has governance power without economic interest, and the lender has economic interest without governance power,” he added.

Looking beyond token-based governance, Buterin advocated the exploration of “Proof-of-Humanity”-based governance systems where one vote is allocated per each of a protocol’s users.

Buterin also offered “Proof-of-Participation” as a possible solution, where voting is limited to the users of a protocol that have contributed work to the benefit of a project or its community, suggesting voting rights could be exclusively distributed to addresses that complete a specific task.

Ethereum’s co-founder also suggested quadratic voting — where the power of a single voter is proportional to the square root of the economic resources that they commit to a decision — could offer unique solutions to decentralized governance.

Related: Can DeFi and on-chain governance change human nature?

He also suggests a “skin in the game” approach that makes individual voters responsible for their decisions, stating:

“Coin voting fails because while voters are collectively accountable for their decisions (if everyone votes for a terrible decision, everyone’s coins drop to zero), each voter is not individually accountable.”