Weekly Recap Of Cryptocurrency World

Ronin Network hacked, $620 Million Worth of Crypto Lost

The Ronin network, which is used to conduct in-game transactions for Axie Infinity, one of the world's most popular NFT based game, was hacked, and hackers made off with almost $620 million in cryptocurrencies. The hack happened on March 23, and no one noticed until a user tried to withdraw his funds on 29 th March. It was revealed that an ongoing investigation indicated the attack was "socially engineered" rather than the result of a technological flaw. 

The Ronin network links Axie Infinity and the Ethereum blockchain, allowing transactions and token transfers to and from the game. According to blockchain analysis firm Elliptic, the robbery is the second greatest cryptocurrency heist. 

According to Ronin's Twitter post, the hackers got off with 173,600 ether and 25.5 million USDC. Axie Infinity's Twitter page also verified the attack. In their blog post, Ronin stated that it is collaborating with Chainalysis, a blockchain tracking company, to track the stolen cash. 

Trisolaris Stable AMM Launched 

Trisolaris is now the only decentralized exchange on Aurora that allows users to trade across various AMMs from a single user interface. Liquidity providers and traders will benefit from the Trisolaris Stable AMM's introduction, which improves the trading experience.

Traders will benefit from decreased slippage, lower costs, and improved capital efficiency when trading steady pairs.

Liquidity Providers: Due to the StableSwap invariant algorithm, LPs can provide liquidity for one asset (vs 50/50 for two assets), and impermanent loss is considerably reduced.

For xTRI holders, a portion of the stable swap costs will be used to purchase back TRI, which will benefit xTRI holders even more (not yet live)

DeFi Kingdom Launched on Avalanche Subnet

DefiKingdoms launched their first Outpost on Avalanche to make joining the DFK Chain simple. To make it easier to obtain and bridge $JEWEL for gas fees, the Outpost provides integrated bridging and trading through a local DEX.

According to the smart contract platform's documentation, DeFi Kingdoms (DFK), which originated on the Harmony One blockchain, has deployed to an Avalanche subnet. This scaling solution involves 'a dynamic set of validators working together to achieve consensus on the state of a set of blockchains.' To date, the DeFi Kingdom Subnet has seen over 752K transactions.

As users shift assets to DFK's new subnet, Synapse, a bridging protocol, has noticed a spike in traffic. Synapse had never witnessed more than $157 million volumes before March 31. After the launch of DFK's subnet, it more than doubled to a record $330 million, accounting for 82.5 per cent of Synapse's entire bridging volume.

UST Goes Interchain

A new governance proposal has been introduced named 'UST Goes Interchain: the 4pool and redacted cartel'. Some of the significant details of the 4 pool proposal are mentioned below.

The 4pool, a new gold standard for stablecoin liquidity that bridges the gap between decentralized and centralized Stablecoins, is now available. UST, FRAX, USDC, and USDT will make up the 4pool, a new curve pool. Terra and Frax will use Curve to concentrate stablecoin liquidity across four pools on each major chain. 4 pool will first be tested on Fantom, Arbitrum, and Ethereum mainnet (once a Curve fix is deployed to allow this pool to be made on Eth).

Currently, UST and FRAX compete directly for CVX/CRV emissions through votium incentives and vlCVX votes, while subsidizing 3CRV. Both Luna and FRAX have sufficient firepower, so this conflict is unlikely to end. 

In a variety of ways, the Redacted Cartel will aid in the strengthening of $UST on Ethereum. On the ethereum mainnet, the flappers will become one of the major holders of $UST. They will use the $UST they get to engage in seed rounds, pay contributors, farm within DeFi, and build up a stable reserve - all without putting more strain on Anchor or selling to another stable. After all, $UST is people's stable.

Luna, FRAX and Redacted Cartel will be able to work together to expand the decentralized stablecoin pie and help create enough liquidity for the whole DeFi protocols to make the switch to decentralized stablecoins.

The majority of CRV rewards will go to 4 pool, thus incentivizing the liquidity providers of 4 pool. In the end, DeFi will be unable to meet its criterion of decentralization if it uses stablecoins that any single institution may censor. Therefore, if the 4 pool is successfully implemented, it will boost the growth of decentralized stablecoins.